Prosus, the global consumer internet group owned by South African tech giant Naspers, has announced that Bob van Dijk is stepping down as CEO of both companies with immediate effect.
The Euronext Amsterdam-listed company, which has secondary listings in Johannesburg, gave no reason for the surprise resignation. Chief investment officer Ervin Tu has been appointed as interim CEO, with Van Dijk assisting with the transition and remaining a consultant to the boards of both companies until September 30, 2024, Prosus said in a statement.
“The Boards of Prosus and Naspers want to thank Bob for his leadership over a full decade,” commented chair Koos Bekker.
“During this time substantial businesses were established in Classifieds, Food Delivery and Payments, while we also entered several new fields. We appreciate Bob’s contributions and wish him much success with his future career.”
During his tenure, Van Dijk came under fire from shareholders due to the discount at which Naspers and Prosus continue to trade relative to the nearly 26% stake in Tencent Holdings (HKG:0700, OTC:TCEHY) held by Prosus. Naspers was an early investor in the Chinese internet and gaming giant and later spun its holding out into Prosus to try and realize more value for investors.
Prosus said its strategic goals remain unchanged and it is on target to deliver on its commitments. These include achieving consolidated e-commerce trading profit during the first half of its 2025 financial year and the continuation of an open-ended share repurchase programme. The repurchases are aimed at closing the valuation gap with the Tencent stake.
“Prosus is operating with momentum. I am honored to assume the role and help shape the future of the Group. I couldn’t be more excited about the team around me and to get started,” Ervin added.
Prosus’ shares were down 2.6% at €28.81 on Euronext shortly after noon in Amsterdam, while its JSE-listed shares were 2.4% lower. Naspers declined 2.3% in Johannesburg.
Contact the author at stephen.gunnion@proactiveinvestors.com