JSE-listed firm Blue Label Telecoms announced on Thursday that Douglas Craigie Stevenson stepped down as CEO of struggling mobile phone operator Cell C.
Blue Label Telecoms said Craigie Stevenson resignation is effective 31 March 2023.
The company said Craigie Stevenson has elected to resign for personal reasons and to pursue other opportunities in line with his personal career goals.
“We thank Douglas for his valued contribution and for successfully assisting in navigating Cell C through the recapitalisation process,” Joe Mthimunye, Chairman of the Cell C Board, said in a statement.
“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.”
Blue Label Telecoms added that Brett Copans (Brett) has been appointed to lead the company as interim CEO and is appointed to the board with immediate effect.
Brett joined Cell C in April 2022 and was primarily responsible for ensuring the successful conclusion of the recapitalisation transaction.
He was subsequently appointed as Chief Restructuring Officer. Before joining Cell C, Copans spent 18 years at Investec Bank and then founded Pentrich Financial Services, a specialist financial services business providing capital raising, advisory and management services to companies.
The board of Cell C will initiate a process to appoint a permanent CEO.
Previously, Blue Label Teleocms announced that the Cell C recapitalisation transaction has achieved the deleveraging of its balance sheet, providing it with liquidity with which to operate and enhance its businesses and to position itself to achieve long-term success for the benefit of its customers, employees, creditors, shareholders and other stakeholders.
The company added that to contribute to the success of Cell C, Blue Label has representation on the board of directors, which will afford it complete oversight of the performance of the company and the ability to ensure that the agreed strategy is implemented at Cell C.
“The above contributions, combined with the major reduction in interest-bearing debt and the elimination of foreign exchange exposure thereto, are all positive indicators for sustainable success and longevity.”
Telkom has displaced Cell C as South Africa’s third-largest mobile operator.
