By Lehlohonolo Lehana.
Cell C CEO Douglas Craigie Stevenson will step down from the mobile operator at the end of March.
The mobile operator’s parent company Blue Label Telecoms, advised shareholders on Thursday (23 March) that Stevenson elected to resign for personal reasons and to pursue other opportunities in line with his personal career goals.
Brett Copans has been appointed to lead the company as interim CEO and is appointed to the board with immediate effect.
Copans joined Cell C in April 2022 and was primarily responsible for ensuring the successful conclusion of the recapitalisation transaction. He was subsequently appointed as chief restructuring officer.
Before joining Cell C, Copans spent 18 years at Investec Bank and then founded Pentrich Financial Services, a specialist financial services business providing capital raising, advisory and management services to companies.
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.”
The board will now start a process to appoint a new CEO, Blue Label said.
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.