Net1 UEPS Technologies Inc. (Net1) have announced the appointment of Christopher Seabrooke as the new Board Chairperson while Serge Belamant remains as CEO but relinquishes the Chairperson role.
"Net1 today announced that its Board of directors has determined to split the Chairman and Chief Executive Officer roles in recognition of the growing practice of U.S. public companies, as well as the customary practice of South African public companies, to have the Chairman be an independent director." said Net1 in a statement.
The company further added that its 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. As a result of the foregoing determination, the Company has appointed Mr. Christopher S. Seabrooke as Chairman of the Board. Mr. Serge C.P. Belamant has resigned as chairman but will remain a director and Chief Executive Officer of the Company."
Seabrooke is said to hold degrees in Economics and Accounting from the University of Kwa-Zulu Natal and an MBA degree from the University of the Witwatersrand.He is also currently the CEO of South African Social Security Agency (SASSA) for paying social security beneficiaries on behalf of the state.
Some of the controversy surrounding Net1 has led to the World Bank's International Finance Corporation (IFC) putting pressure on Net1 to complete its assessment into its alleged illegal lending practices to beneficiaries of SASSA.