Net1’s Serge Belamant to relinquish chairman role
Holding company of controversial Cash Paymaster Services will split the roles of CEO and chairman
Net1 will no longer have its CEO Serge Belamant double as chairman, the holding company of controversial government contractor Cash Paymaster Services (CPS) said on Friday morning. Christopher Seabrooke, who has been a Net1 director since 2005, will take the role of chairman. Seabrooke is on the boards of many JSE-listed companies. He is the chairman of Metrofile, among other companies. "He is a highly experienced director, having been chairman or a director of over 25 stock exchange quoted companies over the past 30 years. He is currently CEO of Sabvest, a JSE-listed investment group, and also holds other nonexecutive directorships. He is a member of the Institute of Directors in Southern Africa," Net1 said. Having a CEO double as chairman is frowned on by corporate governance experts. It was common among JSE-listed companies until Old Mutual and Dimension Data were boycotted for it by many large fund managers when they moved their primary listings from Johannesburg to London. Net1...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.