There has been an exodus of board members at Metropolis Transactive Holdings, including executive chairman Jason Xenopoulos, following the closure of the business-to-business (B2B) side of the company.
A month-and-half after assuming the title of executive chairman of Metropolis, Xenopoulos has stepped down to pursue "personal interests".
However, he remains on as non-executive chairman and on the Metropolis board in an advisory capacity for special projects.
Other board members who have resigned are Frank Watson (group human resources manager), Dave Shackleton (B2B business development officer) and Bheki Shongwe (non-executive).
Mike Braby remains as CEO along with recently appointed GM Russel Hanley, Johannes Lambinon (chief finance officer) and Jean-Phillip Farinha.
On 18 September, Metropolis announced it would shut down its B2B portal Web sites. Consumer site iAfrica will remain as the only active Web portal.
Braby says the exodus is nothing more than the winding down of the B2B side of the business, especially since iAfrica is based in Cape Town and will not require the luxury of the additional members.
He adds that Xenopoulos` departure will not mean the group will lose his expertise.
"Jason committed himself to Primedia for two years. That time expired two days ago and he will be pursuing his first love - working in the film and writing industries. He is still a valuable asset. I had dinner with him last night and he has made himself available to us for future projects."
Looking forward, Braby says the company will continue to grow the iAfrica brand, but will also focus on PrivateLabel, its content management offering.
"We have negotiated a substantial deal but still need final approval before we can announce details," he notes.
"We have been ahead of forecast for the last four months, and we are pushing Primedia to define company synergy to ensure we can get the best out of the relationship."
Braby adds that iAfrica is being courted by interested parties and, if the chemistry is right, a deal might be in the offing.
The company reported a net loss of R43.7 million with a headline loss of 45.5c for the year to June 2000.
Related stories:
Metropolis quits B2B markets, closes vertical portals
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