Prosus and Naspers CEO Bob van Dijk Resigns

Prosus NV and its South African parent company, Naspers, announced that Bob van Dijk has resigned from his position as the Chief Executive Officer of both organizations.

In his place, the companies have appointed Ervin Tu, who serves as the Chief Investment Officer and has prior experience as a manager at VisionBank and as a technology banker at Goldman Sachs, as the interim CEO.

Van Dijk, who has been at the helm of Naspers since 2014 and Prosus since 2019, will continue to serve as a consultant until September 30, 2024, according to a joint statement by the companies.

The statement also emphasized that the group’s strategic objectives remain unchanged and that it is on track to fulfill its commitments, according to the global consumer internet companies.

No specific reason was provided for Van Dijk’s departure. However, it coincides with the unwinding of a cross-structure between Prosus and Naspers on Monday.

Van Dijk was responsible for overseeing Prosus’s successful IPO in 2019, and the company’s stock experienced significant growth during the COVID-19 pandemic. Nevertheless, he faced challenges in narrowing the valuation gap between Prosus, Naspers, and their most valuable asset, the Chinese software giant Tencent.

Prosus holds a 26% stake in Tencent, which is presently valued at approximately $387 billion. The company is now focused on addressing the discount between the value of this Tencent stake and Naspers.

In the aftermath of the pandemic, shares declined, reflecting a decrease in the valuation of high-growth technology investments. More recently, Prosus had to divest some of its attractive smaller assets in Russia at reduced prices following the invasion of Ukraine.

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