Net1 UEPS Technologies CEO Serge Belamant will take early retirement on May 31, "noting the views expressed by certain of the company’s shareholders", the company said in a statement on Thursday morning.
He would be succeeded by chief financial officer Herman Kotzé on June 1. Until a new appointment was made, Kotzé would serve as both CEO and chief financial officer, Net1 said.
Criticism of the way Net1, via its subsidiary Cash Paymaster Services (CPS), administers the government’s social grants payments service forced institutional investor Allan Gray to put pressure on the technology group to improve its corporate governance.
Thursday’s announcement that Belamant was relinquishing the role of CEO was preceded in April by an announcement he would no longer double as CEO and chairman.
On April 7, Net 1 appointed Sabvest CEO Christopher Seabrooke as chairman. Net 1’s board also undertook to appoint additional independent directors, at least one of which would be designated by the International Finance Corporation. Furthermore, it would "review the relevant parts of the company’s ongoing business strategy and management structure".
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