Cell C CEO Douglas Stevenson has quit his job owing to personal reasons and the telecoms company has since announced the news.
The Johannesburg-based company said the CEO has stepped down after a stressful five-year leadership tenure to put the debt-laden telecom operator back on a firmer footing.
Rated as the fourth largest in South Africa, Cell C announced that Stevenson will be at the helm until March 31, 2023.
JSE-listed Blue Label, the telecom operator’s major shareholder with a 49.5% stake following the mobile operator’s recent recapitalisation, said on Thursday that Stevenson had quit “for personal reasons and to pursue other opportunities in line with his personal career goals”.
As a result of his resignation, Blue Label’s shares were 2.38% lower at R4.10 after the announcement.
“We thank Douglas for his valued contribution and for successfully assisting in navigating Cell C through the recapitalisation process,” said Joe Mthimunye, the chairperson of the Cell C board.
“Through the implementation of Cell C’s new strategy, he has directed the company, in conjunction with his management team, to improved financial stability, enhanced operational performance, and established a path to sustainability. We wish Douglas well in his future endeavours.”
Back in September 2022, Cell C announced that it had concluded its debt recapitalisation, which amounted to R73.3 billion per IOL Business.
The outgoing CEO joined the company in October 2017 as a chief operating officer and was appointed as interim CEO in March 2019, taking over from Cell C CEO of six years Jose Dos Santos. In August 2019 he took the CEO role.
Meanwhile, Brett Copans has been appointed to lead the company as interim CEO and he was appointed to the board with immediate effect.
Copans joined Cell C in April 2022 and was primarily responsible for ensuring the successful conclusion of the recapitalisation transaction.
The board of Cell C said it would initiate a process to appoint a permanent CEO.
