Net1 CEO to step down at end of September 2020
05 August 2020 - 3:15PM
Net 1 UEPS Technologies, Inc. (“Net1” or the “Company”) (Nasdaq:
UEPS; JSE: NT1) today announced that, after 22 years with the
Company, Mr. Herman G. Kotzé will be stepping down on September 30,
2020, as the Chief Executive Officer and director of the financial
technology multinational.
“Following a number of transformational
corporate actions over the last year, including the sale of certain
material assets and the retirement of all outstanding debt, I
believe that Net1 is well placed to pursue a new strategic
direction with a strong balance sheet and that it is the
appropriate time for me to explore other opportunities. I have
spent almost my entire career at Net1 and I am grateful to have
worked with so many talented and dedicated employees and to have
been part of the Company’s incredible journey from its early days
as a start-up venture,” said Mr. Kotzé.
Mr. Alex Smith, Net1’s Chief Financial Officer,
will take over as the interim CEO upon Mr. Kotzé’s departure, until
the board finalizes the appointment of a permanent CEO. To ensure a
steady transition, Mr. Kotzé has agreed to provide consulting
services to the Company through May 31, 2021.
“Net1 is an indelible part of my life and I wish
the group great success with its future endeavors,” said Mr.
Kotzé.
“We thank Herman for his significant
contribution to the Company and wish him great success in his
future enterprises. During his tenure at Net1, the Company attained
a number of significant milestones and he leaves Net1 as a
well-capitalized business with a solid platform for growth,” said
Mr. Jabu Mabuza, Chairman of Net1.
“We also welcome Alex into the role of interim
CEO. He brings continuity to this transition process and we are
confident that the company will be in safe hands under Alex’s
stewardship until a permanent CEO is appointed,” concluded Mr.
Mabuza.
Net1 expects to release its financial results
for the year ended June 30, 2020 in September 2020. At that time,
the Company will provide an update on its strategic direction,
which will be focused on growing the core South African operations
and optimizing capital allocation.
About Net1 (www.net1.com)
Net1 is a multinational financial technology
company with a presence in Africa, Asia and Europe. Net1 leverages
its proprietary banking and payment technology to distribute
low-cost financial and value-added services to underbanked
consumers and small businesses. The Company also provides
transaction processing services, including being a leading payment
processor and bill payment platform in South Africa. Net1 leverages
its strategic investments in banks, telecom and mobile payment
technology companies to further expand its product offerings or to
enter new markets. Net1 has a primary listing on NASDAQ (NasdaqGS:
UEPS) and a secondary listing on the Johannesburg Stock Exchange
(JSE: NT1). Visit www.net1.com for additional information about
Net1.
Media Relations Contact:
Bridget von Holdt Business Director – BCW Phone: +27-82-610-0650
Email: Bridget.vonholdt@bcw-global.com
Investor Relations Contact:
Dara Dierks Managing Director – ICR Email: net1IR@icrinc.com
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