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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now