- Douglas Craigie Stevenson has resigned from Cell C for personal reasons.
- While the board searches for a new CEO, Brett Copans will serve as interim CEO.
- Stevenson oversaw the arduous process of recapitalising Cell C.
Mobile network operator Cell C announced to shareholders on Thursday morning that Douglas Craigie Stevenson had resigned as the chief executive officer of the company.
According to SENS’ announcement, Stevenson was stepping down for personal reasons and to pursue other opportunities in his personal career goals. His resignation is effective from 31st March 2023.
Before replacing Jose Dos Santos as interim CEO in 2019 and then becoming the firm’s permanent CEO, Stevenson served as Cell C’s chief operations officer. Before Cell C the outgoing CEO was the chief exec at Telekom Networks Malawi and held a managing director position at Vodacom Business Africa Group from 2013 to 2015.
“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, enhanced operational performance and established a path to sustainability. We wish Douglas well in his future endeavours,” chairman of the Cell C board, Joe Mthimunye said in a statement to shareholders.
While the firm decides on who will lead it into the future, Brett Copans will serve as interim CEO. He will also be appointed to the board with immediate effect.
Per the aforementioned notice, Copans has been with Cell C since April 2022 and was reportedly responsible for the recapitalisation transaction. He brings with him 18 years of experience earned at Investec Bank as well as learnings from his own firm, Pentrich Financial Services.
Copans should have an easier time running the firm seeing as Stevenson was at the helm while the firm underwent its recapitalisation. That process concluded in September 2022 with help from a R1.46 billion liquidity loan from Blue Label Telecoms.
