Cell C CEO Douglas Craigie Stevenson will step down from the mobile operator at the end of March.
The news sent the share price of Cell C’s largest shareholder, Blue Label Telecoms, sharply lower on Thursday.
Craigie Stevenson, who led Cell C through a recent recapitalisation of its balance sheet, “elected to resign for personal reasons and to pursue other opportunities in line with his personal career goals”, the company’s largest shareholder, Blue Label Telecoms, said in a statement to investors.
Brett Copans has been appointed as interim CEO and has also been appointed to the board with immediate effect. Copans joined Cell C in April 2022 and was responsible for ensuring the successful conclusion of the recapitalisation transaction. He was subsequently appointed as chief restructuring officer.
In the Blue Label statement, Cell C chairman Joe Mthimunye said: “We thank Douglas for his valued contribution and for successfully assisting in navigating Cell C through the recapitalisation process. Through the implementation of Cell C’s new strategy, he has directed the company, in conjunction with his management team, to improved financial stability and enhanced operational performance, and established a path to sustainability.”
Read: Blue Label to make call on Cell C control within months
The board will now start a process to appoint a new CEO, Blue Label said.
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Blue Label’s share price fell to as low as R3.77 apiece on the news. It closed at R3.88, a 7.6% decline compared to Wednesday’s closing price. – © 2023 NewsCentral Media