South Africa

Net1 CEO Herman Kotzé to step down at the end of September

Financial technology group Net1’s CEO and director Herman Kotzé will step down at the end of September, the company said on Wednesday.

To ensure a smooth transition, Kotzé, who has been with the company for 22 years, will provide consulting services until May 2021.

“Following a number of transformational corporate actions over the past 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,” Kotzé said.

Net1’s CFO Alex Smith will step in as interim CEO until the appointment of a new CEO has been finalised, the company said. 

Net1 chair Jabu Mabuza said, “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 a well-capitalised business with a solid platform for growth.”

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