Naspers reconfigures its board

Media and internet group Naspers has moved to reshuffle its board, citing the growth of its subsidiary MIH Holdings which now comprises the vast majority of its market capitalisation, leading to large overlaps developed between the activities of the MIH and Naspers boards.

MIH was formerly known as MultiChoice Limited and changed its name to MIH Holdings Ltd. in 1996.

As part of the reconfiguration of the Naspers board, Lourens Jonker, Neil van Heerden and Prof Hein Willemse have resigned from the board effective 16 October 2013.

“We thank them for their service and valuable contribution to the Naspers board. In view of their print media expertise built up over many years, they have been invited to join the Media24 Holdings board,” Naspers said in a media statement.

Craig Enenstein, Don Eriksson, Roberto Oliveira de Lima, Yuanhe Ma and Cobus
Stofberg have been appointed directors of Naspers with effect from 16 October 2013. Most of them previously served on the board of MIH, Naspers said.

Craig Enenstein is the CEO of Corridor Capital, LLC, a Los Angeles-based private equity fund and has experience in developing and driving growth strategies, performing
operational improvements and facilitating highly complex strategic consortia investments.

He is currently chair of Oakleaf Insurance Company Limited, Insurance Outsourcing Managers Holdings Limited, Renasa Insurance Company and a former trustee and current member of the audit and risk committees of Discovery Health Medical Scheme.

Roberto Oliveira de Lima is presently a board member of Telefonica Brasil, Natura Cosméticos, Rodobens Negócios Imobiliários and Companhia Brasileira de Distribuição in Brazil and Edenred in France.

“Mr Oliveira de Lima has a wealth of experience in the telecommunications
sector where he was CEO of the leading mobile telecommunication company in South America,Vivo SA,” Naspers said.

Yuanhe Ma worked in various positions in China´s Administration of Radio, Film and
Television for more than 30 years, before retiring from his post as head of the Hong Kong office in March 2002.

Cobus Stofberg is a founder member of M-Net in 1986. He served as CEO of the MIH group from 1997 to 2011, and has been instrumental in the expansion of the group.

The Naspers board now comprises 15 directors with Ton Vosloo as chair, Koos Bekker as CEO and Steve Pacak as CFO.

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Naspers reconfigures its board