Net1 CEO to retire after state grant controversy
Net1 have announced that company founder, Serge Belamant, will retire from his position of CEO and a director of the company at the end of May following the controversy over its state grant contract.
Current chief financial officer, Herman Kotzé, has been appointed as the new CEO,
effective on June 1, 2017.
Net1 said that Belamant was due to retire at age 65 in 2018. “However
to facilitate changes to the company’s operating and management structures and also
noting the views expressed by certain of the company’s shareholders, the board and
Mr. Belamant agreed on an earlier retirement date of May 31, 2017,” it said in a statement.
Belamant will provide consulting services to the company for a two-year
period after his retirement.
Kotzé has been with Net1 for in excess of 18 years and has been its CFO since 2004.
“The board has initiated a search for a new chief financial officer. Until a new
appointment is made, Mr. Kotzé will serve as both chief executive officer and chief
financial officer.
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