By Alec Hogg
Former managing companion on the SoftBank Group with intimate involvement in its Imaginative and prescient Fund, Ervin Tu, has taken the reins at South Africa’s most necessary firm, Naspers/Prosus. The dual shares account for 13% of the Johannesburg Inventory Trade’s main indices, giving them outsized relevance in South African fairness portfolios, particularly retirement funds.
The group introduced this morning that Tu (45), who joined the group as in 2021 chief of investments and head of Mergers & Acquisition, will turn into the “interim” CEO. The official announcement to shareholders states: “The Naspers and Prosus boards and Bob van Dijk have mutually agreed that Bob will, efficient 18 September (ie as we speak) step down from his place as chief government in addition to his place on the board of each firms.”
No particulars have been offered on the explanation for the sudden departure of Van Dijk, who has been CEO of the group for the previous decade. Whereas at SoftBank, Tu helped lead funding within the super-successful Uber and Bytedance, the father or mother of Tik Tok. Earlier than SoftBank he was a managing director within the know-how banking group at Goldman Sachs. He was Ivy League schooled with an Arts diploma from Dartmouth and an MBA from the MIT Sloan College of Administration.
Though Van Dijk has been underneath extreme criticism from South African institutional shareholders for some years, the departure is a shock for 2 causes: He’s removed from retirement age, having solely turned 51 in January. Secondly, Naspers/Prosus has lengthy prided itself on succession planning – the group’s two leaders previous to the Hollander have been Naspers ‘lifers’ groomed internally over a long time earlier than turning into first CEO after which chairman.
Though the graphic under from Wallmine.com is a little bit outdated, it does present that Tu is without doubt one of the youngest members of the Naspers government.
Right here is the official assertion issued this morning:
Naspers and Prosus introduced as we speak that Bob van Dijk is stepping down as CEO and Board
member of Naspers and Prosus after 10 profitable years of management. Ervin Tu, presently Group
Chief Funding Officer, was appointed Interim CEO. Bob will help with this transition and can
stay as a advisor to the Boards till 30 September 2024.
Over his tenure, Bob has contributed meaningfully to the success and way forward for the Group. Bob
has helped set up the Group as a number one world shopper web firm, creating
important worth for shareholders.
“The Boards of Prosus and Naspers need to thank Bob for his management over a full decade,” mentioned
Koos Bekker, chair. “Throughout this time substantial companies have been established in Classifieds, Meals
Supply and Funds, whereas we additionally entered a number of new fields. We respect Bob’s
contributions and need him a lot success together with his future profession.”
Ervin assuming the position as Interim CEO will end in a seamless transition. Because the Chief Funding
Officer, he has made important contributions to the strategic course of the corporate and can
present continuity within the execution of the Group’s key priorities. That features bringing the
firm’s consolidated Ecommerce portfolio to profitability whereas sustaining development, and
main capital allocation throughout the Group.
“Prosus is working with momentum. I’m honored to imagine the position and assist form the longer term
of the Group. I couldn’t be extra excited in regards to the group round me and to get began,” mentioned Ervin
Tu.