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Ervin Tu Appointed as Interim CEO of Naspers/Prosus as Bob Van Dijk Steps Down

Published September 21, 2023
9 months ago

Ervin Tu, former managing partner at the SoftBank Group with deep involvement in its Vision Fund, has risen to the helm of South Africa's most impactful conglomerate, Naspers/Prosus. These two stocks hold 13% of the Johannesburg Stock Exchange's major indexes, ensuring a significant influence in the South Africa’s equity portfolios, explicitly retirement funds.

According to a public announcement from the group, Tu is set to become the "interim" CEO following his roles as chief of investments and head of Mergers & Acquisition, which he took up in 2021. This follows the departure of Bob van Dijk, the previous CEO, as agreed mutually by Van Dijk and the boards of both Naspers and Prosus, effective as of 18th September. The unexpected departure has left many speculating, as Van Dijk had held the leading role for a successful ten-year period.

Despite previous criticism from institutional shareholders, Van Dijk's decision to leave has caused astonishment, partly because he's significantly younger than the typical retirement age at only 51, and also because Naspers/Prosus is recognized for its meticulous succession planning.

In the official statement issued, the group appreciates Van Dijk's efforts over his tenure, crediting him for his substantial contribution to the success and future of the group.

As the Interim CEO, Tu's appointment should ensure a smooth transition, given his significant contribution to the company's strategic direction. His role includes leading the company to profitability in its consolidated Ecommerce portfolio whilst ensuring sustained growth, and overlooking capital allocation across the Group.

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