Cell C’s Douglas Stevenson shifts to CEO from COO
Stevenson will serve as interim CEO from Friday, replacing CEO Jose dos Santos
Debt-laden mobile operator Cell C said on Thursday that its COO Douglas Stevenson will serve as interim CEO pending the appointment of a permanent replacement for Jose dos Santos. Stevenson has 20 years of experience in the telecommunications sector, formerly serving as CEO of of Telekom Networks Malawi, Cell C said in a statement. “As a board, we believe he is capable of achieving the company’s objectives, strategic imperatives and long-term vision,” said Cell C chair Kuben Pillay. Dos Santos will step down on Friday after five years at the helm, but will still be a consultant to the board of SA’s third-largest mobile operator. Blue Label Telecoms — which holds a 45% stake in Cell C — was down 13.56% to R5.29 at 10.40am on Thursday. It had, however, earlier released its results for the six months to end-November, which shows that group revenue has declined 10% year-on-year. Cell C has struggled for years with its debt burden, and has mulled both listing on the JSE, as well as bring...
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