Net1 UEPS Technologies founder Serge Belamant will retire as the company's CEO and director at the end of this month.
In a statement, Net1 says Herman Kotz'e, the company's current CFO, will take over as CEO effective on 1 June.
News of Belamant's retirement follows the company's decision last month to split the role of CEO and chairman, which were both held by him.
Belamant drew criticism for his comments in the media over the social grants issue. In March, the board issued an apology for comments perceived as "offensive and arrogant" with regards to the social grant payments debacle.
According to Net1, Belamant was due to retire at age 65 in 2018. However, "to facilitate changes to the company's operating and management structures and also noting the views expressed by certain of the company's shareholders, the board and Mr Belamant agreed on an earlier retirement date of 31 May 2017".
The statement notes Belamant agreed to provide consulting services to the company for a two-year period after his retirement. This will allow the company to retain the benefit of Belamant's technical expertise and many years of experience in the industry, particularly for assistance in the development of Net1's international operations, it says.
"Mr Belamant is a visionary technologist who, during his 27 years with Net1, has established the company as a world leader in payment systems and related mobile technologies," says Christopher Seabrooke, chairman of Net1.
"He leaves the company well-positioned to grow its international footprint, while at the same time having the capacity to expand its South African operations and introduce new business models responsive to the needs of South Africans. The board thanks Mr Belamant for his leadership and enduring contribution to the company and wishes him well in more relaxed years ahead," he adds.
Incoming CEO, Kotz'e, has been with the company for over 18 years and has been its CFO since 2004.
"We are delighted to confirm the appointment of Mr Kotz'e as chief executive officer," says Seabrooke.
"In addition to his role as chief financial officer, he has been directly involved in all aspects of the company's operations in South Africa and has been directly responsible for the execution of the company's local and international investments and acquisitions," he states.
Net1 says it has initiated a search for a new CFO. "Until a new appointment is made, Mr Kotz'e will serve as both chief executive officer and chief financial officer."
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