Prosus & Nasper CEO Bob Van Dijk Steps Down

SUMMARY

Ervin Tu, presently group chief investment officer, has been appointed as Interim CEO

Dijk will assist with this transition and will remain as a consultant to the Boards until 30 September 2024

Recently, Prosus had undertaken an internal restructuring and separated its edtech and food delivery segments into two discrete segments

Bob van Dijk, the chief executive officer (CEO) of investment major Prosus and its parent Naspers, has stepped down.

Ervin Tu, presently group chief investment officer, has been appointed as Interim CEO, Prosus said in a statement.

Moreover, Dijk will assist with this transition and will remain as a consultant to the Boards until 30 September 2024.

“The Boards of Prosus and Naspers want to thank Bob for his leadership over a full decade,” Koos Bekker, chair of Prosus.

“During this time substantial businesses were established in Classifieds, Food Delivery and Payments, while we also entered several new fields. We appreciate Bob’s contributions and wish him much success with his future career,” Bekker added.

Tu, taking on the role of Interim CEO, will ensure a smooth transition, Prosus said. As the chief investment officer, he has played a vital role in shaping the company’s strategy. The investment major added that he will continue to drive the main objectives, which involve making its ecommerce portfolio profitable while sustaining growth and managing how we allocate capital across the group.

Recently, Prosus had undertaken an internal restructuring and separated its edtech and food delivery segments into two discrete segments with dedicated leadership.

The investment giant has been undertaking many changes lately. It sold off a major subsidiary, PayU Global Payments Organisation, to Israeli payments processing company Rapyd for $610 Mn to focus on the lucrative Indian market.

Post the sale, Prosus-backed PayU is exploring the options for a public listing of its Indian entities. Prosus will eventually look at a major public listing of PayU India as a move to monetise from the business and also help establish PayU as a local payment player.

Prosus-owned PayU India registered a 31% year-on-year (YoY) rise in total revenue to $399 Mn in FY23. Prosus said in its annual report that PayU’s top-line growth was fuelled by continued growth in enterprise and SME businesses, as well as diversification into new segments.

Prosus’ portfolio in India includes names such as BYJU’S, Eruditus, Mens Brands, OLX, Swiggy, The Good Glamm Group, Lazypay, Pharmeasy, among others.