Douglas Craigie Stevenson has been appointed as the acting Cell C chief executive officer.<\/p>\n
Stevenson has served as Cell C chief operating officer from October 2017.<\/p>\n
He has previously held positions as CEO of Telekom Networks Malawi and MD of the Vodacom Business Africa Group.<\/p>\n
Last Friday (22 February) Cell C announced that longtime CEO Jose Dos Santos would step down from the role effective 1 March 2019.<\/p>\n
In a statement, the company confirmed that Dos Santos will take up a role as a consultant offering strategic advice to the chairman of the Cell C board.<\/p>\n
The appointment of Stevenson comes at a difficult time for the company, with Cell C reporting significant losses for the year ended 31 December 2018 as part of Blue Label’s results presentation.<\/p>\n
Blue Label bought a 45% shareholding in Cell C through a subsidiary in August 2017, and has subsequently provided the network\u2019s financial performance as part of its results presentations.<\/p>\n
Cell C recorded revenue of R15.69 billion in 2018, but suffered a total comprehensive loss of R1.27 billion.<\/p>\n
Operating profit before finance costs and tax stood at R1.43 billion, but finance costs of R4.33 billion pulled the company\u2019s figures down.<\/p>\n