Steve Pacak, chief financial officer (CFO) of Naspers, a South Africa-based media and e-commerce company, will retire as CFO on 30 June 2014. He will be succeeded by Basil (Vasili) Sgourdos, presently chief financial officer (CFO) of MIH Holdings, a subsidiary of Naspers which has been heavily involved in corporate venturing, including a 16.7% stake in India-based e-commerce company Flipkart which MIH recently valued at $1.59bn.
The news follows the decision by Naspers, in October 2013, to reconfigure its board to reflect the fact that the vast majority of Naspers’ market capitalisation and activity derives from MIH.
Pacak will remain on the board as a non-executive director, after his retiremnt as CFO.