Naspers, the listed Internet and media firm, will make an announcement on the future of its CEO, Koos Bekker in November – with his current contract set to expire at the end of March 2014.<\/p>\n
Shares in Naspers have showed no sign of slowing down in 2013 as it heads towards an unthinkable price of R1,000 on the JSE.<\/p>\n
The group continued to break new ground in trade on Tuesday (17 September), trading at R956.50, up R16.49 (1.75%), and giving the group a market cap of R387.11 billion.<\/p>\n
Shares in Naspers have climbed R448.65 or 93% over the past year.<\/p>\n
Bekker agreed\u00a0in 2012 to stay on for a further year, “to create sufficient space for succession planning,” said Naspers chairman,\u00a0Ton Vosloo in August last year.<\/p>\n
His original five-year contract was due to come to an end in March 2013.<\/p>\n
“The board will deliberate on the issue and we’ll make an announcement by November (2013) when we release our results,” a spokesperson for Naspers told BusinessTech.<\/p>\n
“The board could decide to renew it (contract) if he is available or opt for another successor.”<\/p>\n
Bekker led the founding team of M-Net\/MultiChoice pay-television business in 1985. He headed the MIH group in its international and internet expansion until 1997, when he became chief executive of Naspers.<\/p>\n
Under his leadership, Naspers in June reported a 27% rise in consolidated revenues, to R50.2 billion for the year ended March 2013.<\/p>\n
Forbes, who likens Bekker to the “Rupert Murdoch of South Africa” put his net worth at $450 million as at November 2012, ranking him in 36th spot on the publication’s Africa 40 rich list.<\/p>\n
In terms of a special remuneration scheme at Naspers, Bekker has not received any direct compensation from Naspers for five years \u2013 a deal which started in April 2008.<\/p>\n
In lieu of remuneration Bekker was awarded 11.7 million Naspers N shares, which were paid over five years in installments of 3.9 million shares after year two.<\/p>\n
As of March 2013, Bekker added 3.9 million more shares to his 12.5 million shares owned before, bringing his total shareholding to 16.4 million shares.<\/p>\n
At a spot price of R930, this places Bekker\u2019s total shareholder value at R15.252 billion.<\/p>\n
Naspers’ principal operations are in Internet platforms, pay-television and the provision of related technologies and print media including publishing, distribution and printing of magazines, newspapers and books.<\/p>\n
Locally, it owns online retailers,\u00a0Kalahari.com\u00a0and PriceCheck, pay television operation\u00a0DStv, and Supersport, and\u00a0Mweb.<\/p>\n
The group holds interests in Russian Internet firm\u00a0Mail.Ru Group, and Chinese group,\u00a0Tencent.<\/p>\n
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