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Cell C, SA's fourth largest mobile operator, said on Thursday CEO Douglas Craigie Stevenson has resigned with effect from month-end in order to pursue other opportunities.
Stevenson had been appointed CEO in August 2019, and his departure follows a recapitalisation of the mobile operator in 2022.
"We thank Douglas for his valued contribution and for successfully assisting in navigating Cell C through the recapitalisation process," Cell C chairperson Joe Mthimunye said in a statement.
"Through the implementation of Cell C’s new strategy, he has directed the company, in conjunction with his management team, to improved financial stability, enhanced operational performance and established a path to sustainability. We wish Douglas well in his future endeavours."
Brett Copans has been appointed as interim CEO and to the company's 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.
Shares of Blue Label Telecoms, Cell C's biggest shareholder, were down 3.57% in late morning trade, having lost about 30% over the past year.
