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Prosus/Naspers: Business As Usual As CEO Steps Down

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Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Event-Driven

<ul>
<li>Early on Monday morning, Naspers and Prosus announced the immediate resignation of CEO Bob van Dijk. Management hosted an investor call shortly after. Key takeaways are included below.</li>
<li>Ervin Tu, Group Chief Investment Officer, will take over as Interim CEO. Tu is a strong candidate for the permanent position.</li>
<li>After an initial bounce at the open, both counters sold off, widening the discounts by more than 1 percentage point intra-day.</li>
</ul>


Early on Monday morning, Naspers and Prosus announced the immediate resignation of CEO Bob van Dijk. Management hosted an investor call shortly after. Key takeaways are included below.
Ervin Tu, Group Chief Investment Officer, will take over as Interim CEO. Tu is a strong candidate for the permanent position.
After an initial bounce at the open, both counters sold off, widening the discounts by more than 1 percentage point intra-day.


Naspers (NPN) & Prosus (PRX): Initial Market Reaction to Leadership Changes