Net1 announces Herman Kotzé as new CEO

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Net1 announced today, 25 May 2017, that Serge Belamant will retire as Chief Executive Officer and a Director of the company at the end of this month and Herman Kotzé, currently the company’s Chief Financial Officer, has been appointed as Chief Executive Officer effective on 1 June 2017.

Belamant, who is the founder of Net1, was due to retire at age 65 in 2018.

However to facilitate changes to the Company’s operating and management structures and also noting the views expressed by certain of the Company’s shareholders, the Board and Belamant agreed on an earlier retirement date of 31 May 2017.

Belamant has agreed to provide consulting services to the Company for a two-year period after his retirement. This will allow the Company to retain the benefit of Belamant’s technical expertise and many years of experience in the industry, particularly for assistance in the development of Net1’s international operations.

“Mr. Belamant is a visionary technologist who, during his 27 years with Net1, has established the company as a world leader in payment systems and related mobile technologies,” says Christopher Seabrooke, Net1 Chairman.

“He leaves the company well-positioned to grow its international footprint while at the same time having the capacity to expand its South African operations and introduce new business models responsive to the needs of South Africans. The Board thanks Belamant for his leadership and enduring contribution to the Company and wish him well in more relaxed years ahead,” he concluded.

Kotzé has been with the Company for over 18 years and has been its Chief Financial Officer since 2004.

“We are delighted to confirm the appointment of Kotzé as Chief Executive Officer,” says Seabrooke.

“In addition to his role as Chief Financial Officer, he has been directly involved in all aspects of the Company’s operations in South Africa and has been directly responsible for the execution of the Company’s local and international investments and acquisitions,” he concluded.

The Board has initiated a search for a new Chief Financial Officer.

Until a new appointment is made, Kotzé will serve as both Chief Executive Officer and Chief Financial Officer.

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