Dhiraagu appoints Valdemar Ferradaz as CEO ahead of Ismail Rasheed’s retirement
Dhiraagu has announced a planned leadership transition ahead of the retirement of Managing Director and Chief Executive Officer Ismail Rasheed, who will conclude nearly four decades of service to the company and the Maldives.
Under a structured succession plan, Valdemar “Valde” Ferradaz joined Dhiraagu as Chief Executive Officer Designate on 1 July 2026. He will work alongside Rasheed, the Board of Directors and the Executive Management Team during the transition period.
The succession process was led by Beyon and overseen by the Board’s Remuneration, Nomination and Governance Committee. The appointment of Dhiraagu’s Managing Director and Chief Executive Officer remains the responsibility of the company’s Board of Directors.
Rasheed began his telecommunications career with Dhiraagu’s predecessor under Cable & Wireless before becoming a member of Dhiraagu’s founding team in 1988.
Over the following decades, he played a role in the development of telecommunications and digital connectivity across the Maldives, including efforts to connect every inhabited island to the national network and introduce GSM mobile services nationwide.
He also led the delivery of the Dhiraagu–SLT Submarine Cable System in 2006 and the development of the north–south domestic submarine cable network, which became the foundation of the company’s digital infrastructure.
Rasheed was also involved in Dhiraagu’s initial public offering in 2011, managing and marketing the offering to institutional and retail investors in the Maldives and overseas.
Since assuming the role of Managing Director and Chief Executive Officer in 2015, he has overseen investment in national digital infrastructure, the expansion of mobile and fixed broadband services, and the completion of Fibre-to-the-Home coverage across all inhabited islands of the Maldives.
Dhiraagu said Rasheed had played “a pivotal role in the development of telecommunications and digital connectivity in the Maldives”, helping to transform the country’s communications landscape and establish the foundations of its digital economy.
Ferradaz brings more than 30 years of leadership experience in telecommunications and digital services across Africa, Europe, Asia and the Caribbean.
A South African national, he was involved in launching South Africa’s first mobile network and has held senior leadership positions with Vodafone, Digicel, Cell C, Telkom Mobile and MVNX.
His experience covers mobile and fixed telecommunications, digital services, enterprise and consumer markets, business transformation and organisational turnaround. He has also worked with governments, regulators, investors and strategic partners across developed and emerging markets.
According to the company, Ferradaz is recognised for a collaborative leadership approach centred on “listening, empowering people and creating strong organisational cultures”.
He believes that while technology will continue to evolve, “sustainable success is created by trusted relationships, customer focus and people who feel genuinely valued and empowered”.
During the transition, Ferradaz will meet Dhiraagu employees, customers, shareholders, regulators, government stakeholders and strategic partners. The programme is intended to support the transfer of institutional knowledge and stakeholder relationships while maintaining continuity in the company’s operations.
The Board said the transition had been designed to ensure “business continuity, stakeholder confidence and continued execution of the company’s strategy”.
Dhiraagu added that there would be no change to its priorities, commitments or long-term direction during the leadership transition.
