Cell C welcomes new Net1 representative to board

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David Shimkus, Net1 representative on Cell C board.
David Shimkus, Net1 representative on Cell C board.

Mobile carrier Cell C today announced the appointment of David Shimkus to its board as one of the shareholder representatives for Net1, replacing Paul Edwards with immediate effect.

In a statement, the telco says in line with Cell C’s shareholder agreement, Net1 can appoint two directors to the board. The Net1 representatives to the board will now be Alex Smith and Shimkins.

Smith, who was Net1 chief financial officer, will take over as interim CEO from 30 September until the board finalises the appointment of a permanent CEO.

The Cell C statement says Shimkins is a highly-proficient deal executive with a deep knowledge of debt and capital markets and experience across a variety of industry sectors.

Joe Mthimunye, Cell C board chairman, welcomed the appointment, saying: “Shimkins has extensive experience in transaction restructuring, which will be a valuable contribution to Cell C as we work towards finalising the process of recapitalisation.”

Shimkus is a chartered accountant and holds a bachelor in accounting science with honours from UNISA as well as a higher diploma in tax law.

He is also the founder of Nitinol Capital, a company that invests in and facilitates alternative debt and equity transactions. Prior to this, he was a partner at Calculus Capital and Capital Investment Advisory and also held positions at Grindrod Bank and Brait Merchant Bank.

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