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Net1 shares unaffected by Serge Belamant’s exit
CEO Serge Belamant stepping down comes as no surprise after company has been dogged by controversy
The Net1 UEPS share price was unchanged on Thursday following news that controversial CEO Serge Belamant was stepping down from the company he helped build over 27 years. The move was regarded by many as inevitable after last month’s presentation to analysts at which Belamant expressed no remorse for the reputational damage he had wreaked upon the company. The company has been dogged by controversy since it won the tender to distribute 17-million social grants on behalf of the South African Social Security Agency in 2012. At a parliamentary hearing in March, former finance minister Pravin Gordhan described Belamant as "extremely arrogant". The stability of the share price suggests investors do not believe Net1 is a "one-man-show" and that its intellectual property is substantial enough to secure its future. Net1 chief financial officer Herman Kotz will take over as CEO on June 1. Sources close to the company said Belamant’s refusal to acknowledge the heightened concern caused by his...
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