Net1 CEO retires, CFO takes over

Net1 founder and CEO Serge Belamant (pictured) will retire at the end of this month, marking the end of what is almost a 17-year tenure at the company. CFO Herman Kotzé, who has been with Net1 for more than 18 years, will take over from Belamant as of 1 June. Kotzé will stand as both CEO and CFO until a new CFO has been appointed.

Belamant's retirement is unexpected and early, given that he was due to retire only in 2018, at the age of 65. Net1, which has a primary listing in the US, said in a statement that Belamant agreed on an earlier retirement date to enable changes to the company's management structure. Belamant will, however, remain with the company for the next two years to consult.