Naspers Group CFO Basil Sgourdos Announces Retirement After 29 Years of Service

In a significant announcement for the corporate landscape, Basil Sgourdos, the Chief Financial Officer (CFO) of media giant Naspers and its international internet assets division Prosus, is set to retire at the end of November 2024. This decision was made public via a SENS announcement, concluding a prominent 29-year tenure with the Group.

A seasoned finance professional, Basil Sgourdos played a crucial role in the financial stewardship of Naspers, joining the team in 1994. His career with the company started with his role as the finance manager of MultiChoice's operations in South Africa. Over the years, he escalated through various leadership positions within the organization and was designated as the Group CFO in July 2014. His financial expertise further extended to Prosus upon its listing in 2019.

Koos Bekker, the chairman of Naspers, hailed Sgourdos for his unwavering dedication and impactful contributions that have molded Naspers into a thriving global eCommerce platform, generating substantial shareholder value. The retirement news is noted with gratitude by both the Naspers and Prosus boards for his exceptional leadership and outstanding service to the company.

The search for a new Group CFO will commence with due involvement of the human resources, remuneration, and nomination committees, aimed at securing a successor who can proficiently navigate the company's financial trajectory.

The announcement of Sgourdos's retirement comes at a time when the Group underwent significant leadership changes, including the departure of former CEO Bob van Dijk in the previous year. With Van Dijk's consultancy role ending in September 2024, the company has seen a smooth transition to the new CEO, Fabricio Bloisi, entrusting the strategic vision to capable hands.

The resignation of a CFO of such high caliber confirms Naspers and Prosus’s ongoing phase of leadership transformations. Sgourdos's retirement may be influencing investor confidence, as CFOs often play a pivotal role in shaping a company's financial strategy and investor relations. His remaining months will be pivotal to a smooth transition for the successor ensuring Naspers and Prosus remain on their notable upward trajectory.