An unexpected gap in leadership has been created at Naspers and international unit Prosus as Ervin Tu stepped down from his role as president and chief investment officer (CIO) on Tuesday.
The group did not disclose reasons for the resignation or where the long-time technology investor is going, simply saying he “will maintain a relationship with the group as an adviser”.
As such, the sudden departure means a replacement for Tu has not been announced.
Having joined the JSE’s largest technology group in August 2021, he is credited for helping to lead a number of initiatives such as simplifying the group’s structure, improving group-wide financial performance, implementing the ongoing share repurchase programme, “and enhancing the operations of the investment team”.
When former CEO Bob van Dijk quit in September 2023, Tu stepped in to fill the role, on an interim basis, until Brazilian business-person Fabricio Bloisi’s appointment.
Tu had been seen by some as a natural successor to Van Dijk at the time, given his role in helping to craft the group’s strategy.
With former CFO Basil Sgourdos having been recently replaced by Nico Marais in December, Naspers finds itself in the dubious position of having two relative newcomers atop its executive structure. While some may see this fresh energy and perspective as a positive, others will view the withdrawal of certain institutional memory as a risk.
Before joining the group, Tu spent 12 years at Goldman Sachs and seven years at Softbank, where he led on large transactions such as the investment into Uber, as well as the creation of the Vision fund.
In a statement, Tu said: “Under Fabricio’s leadership, the group has charted an exciting new course as a connected, innovative tech company as opposed to an investment holding company.
“I have enjoyed my time with the group immensely, I’ve accomplished what I wanted to achieve, and the group is in very good hands. I wish Fabricio and the team the very best for the future.”
Bloisi, who has been at the helm of the Naspers stable for 11 months, said: “Ervin has made significant contributions to our people, strategy and capital allocation — as CIO, as interim CEO and as president. I am very grateful to him for his counsel and support, and I am pleased that he will remain a good friend of the Prosus and Naspers team and continue to advise the company.”
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