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Basil Sgourdos, the Chief Financial Officer of Naspers and its global consumer internet group, Prosus, has announced his retirement after a 29-year tenure at the company.

His retirement will take effect on November 30, 2024.

Sgourdos joined Naspers in 1994 as finance manager for MultiChoice’s South African operations. He held several global leadership roles before being appointed Group CFO of Naspers in 2014 and Prosus in 2019.

“While Basil will remain active in his role for another few months, I would like to take this opportunity to recognise and thank Basil for his dedicated service to the company over the last 29 years,” Koos Bekker, Chairman of Naspers and Prosus said,

“During this time, Basil has contributed to the establishment of the Group as a leading global e-commerce company, creating significant value for shareholders. The boards sincerely thank Basil for his committed leadership and superb contribution,” he added.

Netherland-based investment major Prosus is undergoing a corporate restructuring to streamline its intricate ownership structure and improve operational efficiency. The restructuring includes a continuation of the share buyback programme, which has generated around $32 billion in value in the past two years.

In September 2023, Bob van Dijk resigned as CEO of Prosus and Naspers but continued as a consultant for another year. Following the resignation, Ervin Tu, Prosus’s Chief Investment Officer, was appointed as interim CEO.

Prosus achieved consolidated ecommerce profitability ahead of schedule, with a trading profit improvement of $451 million, resulting in a trading profit of $38 million for the financial year ended March 31, 2024. It has reported a 19% revenue boost in its ecommerce segment, attributed to robust performance from OLX and iFood.