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Net 1 UEPS board appoints new chairman, splits role from CEO

Net 1 UEPS Technologies Inc.'s board appointed Christopher Seabrooke as chairman, replacing Serge Belamant, who resigned from the position but will continue on as a director and CEO of the company.

The company split up the chairman and CEO roles, joining a growing trend among U.S. and South African publicly traded companies for the chairman to be an independent director.

Seabrooke has been serving as a director for the company since 2005, and is currently CEO of Sabvest Ltd., the company said.

The board also said it is looking to fill various additional independent director positions, with at least one designated by the International Finance Corp. The company said the board has been conducting a search over the past few months and expects to send out formal invitations soon.

The company also said it would review parts of its business strategy and management once the results of its proposed investments in Blue Label Telecoms Ltd., Cell-C (Pty) Ltd. and DNI-4PL Contracts (Pty) Ltd. are known.