In compliance with United States public companies, Net 1 Technologies as a result will split the chairman and chief executive roles.
Previously both roles were assigned to Serge Belamant, as CE and chairman of the board, respectively.
The company has henceforth appointed Christopher S. Seabrooke as chairman of the board and Belamant will remain a director and Chief Executive Officer.
“The Board has come to believe that separating the roles of Chairman and Chief Executive Officer is the appropriate corporate governance model for the Company at this time, especially given its secondary listing on the JSE and its significant South African institutional shareholder base,” read a media statement from newly appointed media relations Burson-Marsteller.
More appointments are expected, according to the company.
Net 1 UEPS Technologies (Cash Paymaster Services) has a contract with Sassa to distribute grants payments electronically nationwide.
The Board also intends to review the relevant parts of the Company’s ongoing business strategy and management structure as soon as the outcome of its proposed investments in Blue Label Telecoms Limited, Cell-C (Pty) Limited and DNI-4PL Contracts (Pty) Ltd (as announced on March 1, 2017) are known.