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Net1 board reduces Belamant’s power after Sassa saga

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CEO of Net1 UEPS Technoologies Serge Belamant. (Supplied)
CEO of Net1 UEPS Technoologies Serge Belamant. (Supplied)

Cape Town – The Net1 UEPS Technologies board on Friday announced a decision to split the chairperson and chief executive roles, with Serge Belamant resigning from his role as chairperson while remaining CEO.

Net1 said the split is in “recognition of the growing practice of US public companies, as well as the customary practice of South African public companies, to have the chairman be an independent director”.

“The board has come to believe that separating the roles of chairman and chief executive officer is the appropriate corporate governance model for the company at this time, especially given its secondary listing on the JSE and its significant South African institutional shareholder base.”

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