News Update

CEO Bob van Dijk Steps Down from Naspers and Prosus, Ervin Tu Assumes Interim Role

• ByStartupStory     |    September 19, 2023

Bob van Dijk, the Chief Executive Officer (CEO) of Naspers and Prosus, has resigned from his position with immediate effect as of September 18, ending his nearly decade-long tenure with the investment giant. Along with his CEO role, he is also relinquishing his board seats at both companies.

This announcement follows recent top management changes at Prosus, including the appointment of Gautam Thakar as the CEO of edtech and Roger Rabalais as the CEO of food delivery. These two divisions were previously combined, but Larry Illg, who headed the merged division, had announced his departure.

In an official statement on September 18, the companies confirmed Bob van Dijk’s departure, and he will serve as a consultant to the group until September 30, 2024. Bob van Dijk had been the CEO of Naspers since 2014 and of Prosus since its listing in 2019.

Despite the leadership change, the companies maintain that their strategic objectives remain unchanged, including achieving consolidated e-commerce trading profit in the first half of FY25.

In light of Bob van Dijk’s departure, Ervin Tu will serve as the interim CEO of Naspers and Prosus. Tu expressed his honor at taking on this role and is enthusiastic about working with the team and shaping the group’s future.

This management shakeup is part of a broader internal restructuring at Prosus, which recently split food delivery and edtech into distinct segments. Gautam Thakar has been appointed as the CEO of edtech, while Roger Rabalais will assume the role of CEO of food delivery. These changes reflect the company’s continued commitment to its strategic goals.

Prosus considers India an essential market and has invested approximately $6 billion in the country to date. It holds stakes in Indian unicorns like Byju’s and Swiggy, with both companies operating in the edtech and food delivery sectors. Swiggy is preparing for a potential public listing in the coming year.

Additionally, Prosus holds a significant stake in edtech unicorn Eruditus and has investments in various Indian unicorns across different sectors, such as The Good Glamm Group, Urban Company, Mensa Brands, and PharmEasy.

In recent years, Prosus has focused its resources on PayU to lead its fintech investments, particularly in India. Despite initially planning a $4.7 billion acquisition of payment gateway firm Billdesk in 2021, Prosus decided not to proceed with the deal due to changing circumstances. Instead, it sold most of PayU’s international assets for $610 million and shifted its fintech ambitions toward India. PayU is now aiming for an IPO next year with a valuation of $6 billion and reported revenues of $400 million in FY23. The Indian entity includes subsidiaries engaged in merchant lending, consumer lending, and payment authentication platforms.

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