Naspers and Prosus CEO steps down after almost a decade in charge; Basil Tu assumes interim command
Bob van Dijk has been CEO of Naspers since 2014 and Prosus since 2019. He has overseen a period of rapid growth for both companies, with Prosus' market capitalisation reaching over $100 billion at one point
- Sep 18, 2023,
- Updated Sep 18, 2023 7:29 PM IST
Bob van Dijk, the CEO of Naspers and Prosus, has stepped down from his role. Ervin Tu, the M&A chief, has been appointed as the interim CEO.
No reason has been given for Van Dijk's departure, but it comes at a time when the technology sector is facing a number of challenges, including rising inflation, interest rates, and the war in Ukraine.
Van Dijk has been CEO of Naspers since 2014 and Prosus since 2019. He has overseen a period of rapid growth for both companies, with Prosus's market capitalisation reaching over $100 billion at one point.
Van Dijk, who has managed Naspers since 2014 and Prosus since 2019, has agreed to stay on as a consultant until September 30, 2024, according to a statement from the businesses.
Naspers owns 43% of Prosus and controls 72% of the voting power.
Tu, a former SoftBank Vision Fund manager, will oversee Prosus' investments in consumer internet businesses ranging from food delivery and payments to online marketplaces and educational software.
At 0910 GMT, Prosus shares were trading down 0.9% in Amsterdam, while Naspers' shares were 1.5% lower in Johannesburg. Tencent shares closed down 1.6% in China.
On a call with investors, Naspers chairman Koos Bekker underlined the companies had no plans to divest from Tencent, which he called "one of the best tech companies in the world."
A source close to the companies told Reuters Van Dijk's exit came at a natural time after nearly a decade at the helm of Naspers, almost double the time most CEOs spend at FTSE 100 companies.
Van Dijk oversaw Prosus's 2019 IPO and the company's stock boomed during the COVID-19 pandemic. However, its shares fell along with technology valuations in the post-pandemic bust, and Van Dijk struggled to reduce a discount in the value of Prosus and Naspers versus Tencent.
MORE IPOS
Tu said Prosus was working on "multiple situations" to unlock value, including possibly seeking stock market listings for some investments.
"There are a number of businesses that will be listable. And we anticipate they will be well received by the markets," he told Reuters in an interview. But he cautioned shareholders would have to wait.
"Those types of situations are not things where you snap your fingers and suddenly something happens, they take time," he said.
He said Prosus would continue to pursue share buybacks to close a valuation gap between Naspers/Prosus and Tencent.
Prosus Ventures has injected $200 million in early-stage startups in India, Dijk recently said. The venture arm of Prosus has backed marquee names such as Mensa Brands, Urban Company, Meesho, Elastic Run, IndiGG, Fashinza and The Good Glamm Group in the country.
Also Read: Apple iPhone-maker Foxconn is ready to hire thousands of new employees in India
Bob van Dijk, the CEO of Naspers and Prosus, has stepped down from his role. Ervin Tu, the M&A chief, has been appointed as the interim CEO.
No reason has been given for Van Dijk's departure, but it comes at a time when the technology sector is facing a number of challenges, including rising inflation, interest rates, and the war in Ukraine.
Van Dijk has been CEO of Naspers since 2014 and Prosus since 2019. He has overseen a period of rapid growth for both companies, with Prosus's market capitalisation reaching over $100 billion at one point.
Van Dijk, who has managed Naspers since 2014 and Prosus since 2019, has agreed to stay on as a consultant until September 30, 2024, according to a statement from the businesses.
Naspers owns 43% of Prosus and controls 72% of the voting power.
Tu, a former SoftBank Vision Fund manager, will oversee Prosus' investments in consumer internet businesses ranging from food delivery and payments to online marketplaces and educational software.
At 0910 GMT, Prosus shares were trading down 0.9% in Amsterdam, while Naspers' shares were 1.5% lower in Johannesburg. Tencent shares closed down 1.6% in China.
On a call with investors, Naspers chairman Koos Bekker underlined the companies had no plans to divest from Tencent, which he called "one of the best tech companies in the world."
A source close to the companies told Reuters Van Dijk's exit came at a natural time after nearly a decade at the helm of Naspers, almost double the time most CEOs spend at FTSE 100 companies.
Van Dijk oversaw Prosus's 2019 IPO and the company's stock boomed during the COVID-19 pandemic. However, its shares fell along with technology valuations in the post-pandemic bust, and Van Dijk struggled to reduce a discount in the value of Prosus and Naspers versus Tencent.
MORE IPOS
Tu said Prosus was working on "multiple situations" to unlock value, including possibly seeking stock market listings for some investments.
"There are a number of businesses that will be listable. And we anticipate they will be well received by the markets," he told Reuters in an interview. But he cautioned shareholders would have to wait.
"Those types of situations are not things where you snap your fingers and suddenly something happens, they take time," he said.
He said Prosus would continue to pursue share buybacks to close a valuation gap between Naspers/Prosus and Tencent.
Prosus Ventures has injected $200 million in early-stage startups in India, Dijk recently said. The venture arm of Prosus has backed marquee names such as Mensa Brands, Urban Company, Meesho, Elastic Run, IndiGG, Fashinza and The Good Glamm Group in the country.
Also Read: Apple iPhone-maker Foxconn is ready to hire thousands of new employees in India