Cell C signs term sheet with Buffet Consortium, Dos Santos to step down
Jose Dos Santos will step down as Cell C CEO, effective March 1.
He will take up a role as a consultant offering strategic advice to the Cell C chairperson. In this role, he will be involved in the delivery of Cell C’s strategic intent, which includes the reshaping of Cell C’s debt to ensure the company’s continued sustainability.
“We would like to thank Jose for his tireless work over the past six years, of which five of those have been at the helm of this company. He has successfully led Cell C through some of its toughest times and spearheaded the recapitalisation of the business. He has been a passionate and visionary leader and we know that he will apply the same vigour in his new role,” says Cell C chairperson Kuben Pillay.
Cell C will soon appoint an interim CEO while it undertakes a recruitment process for a permanent appointee.
The telecommunications operator's parent company Blue Label on Friday also announced that Cell C had signed a term sheet with the Buffet Consortium, which would, subject to the fulfilment of conditions precedent, become a minority shareholder in Cell C.
"With Buffet's support, the Cell C balance sheet will be bolstered and ensure Cell C's sustainable growth for the future," Blue Label said.
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