Fabricio Bloisi, who is currently the CEO of the Latin American food delivery giant iFood, will succeed interim CEO Ervin Tu, who will take on the roles of President and Chief Investment Officer.

Fabricio Bloisi’s journey with iFood began in 2013 when he acquired the company as a small startup with just 20 employees. Under his leadership, iFood has grown into a major player in the global food delivery industry, with over 5,000 employees and fulfilling nearly one billion orders annually. 

His extensive experience in scaling tech businesses in emerging markets is seen as a huge asset for Prosus and Naspers.

Koos Bekker, Chairman of Prosus and Naspers, commended Bloisi’s entrepreneurial spirit and operational expertise. “Fabricio has a proven track record of driving innovation and growth. His vision and disciplined approach are exactly what we need to lead the Group into its next phase,” Bekker said.

Bloisi noted the importance of leveraging technology to improve lives globally. “Leading Prosus and Naspers at a time of significant technological advancement is an honour. Our focus will be on identifying and investing in new technologies, particularly in AI, to create better experiences for our customers and opportunities for our employees,” he stated.

Ervin Tu, who has served as interim CEO since the departure of Bob van Dijk last September, will continue to influence the Group’s strategic direction in his new role. He lauded Bloisi’s appointment, highlighting his deep operational experience and passion for technology-driven change.

Bloisi will continually bolster the goals of Prosus and Naspers, with continued efforts to enhance shareholder value and drive technological innovation. 

Further details about the company’s strategic plans and financial performance will be shared during the year-end results announcement on June 24, 2024.

This announcement comes alongside the appointment of Ervin Tu, who previously served as the head of M&A at the company, as the interim CEO for both Prosus and Naspers. 

The companies, known for their substantial 26% stake in the Chinese tech giant Tencent, valued at approximately $100 billion, have not disclosed the specific reasons for Van Dijk’s departure. However, sources have indicated that Van Dijk’s departure was a natural transition after nearly a decade at the helm of Naspers, a tenure that surpassed the average CEO’s tenure at FTSE 100 companies.

This development also coincides with a significant restructuring in the relationship between Naspers and Prosus, as Prosus has now divested itself of its shares in Naspers. 

Tu, with a background that includes a managerial role at SoftBank’s Vision Fund, is entrusted with overseeing Prosus’s diverse investments in consumer internet businesses, ranging from food delivery and payment solutions to online marketplaces and educational software. Analysts speculate that Tu is the frontrunner for the permanent CEO position, given his experience and knowledge of the company’s operations.

Market reactions to the news were mixed, with Prosus shares trading down by 0.9% in Amsterdam, and Naspers’ shares down by 1.5% in Johannesburg. Meanwhile, Tencent shares also closed down by 1.6% in China.

Bob van Dijk, who led Naspers since 2014 and Prosus since 2019, will continue to contribute to the companies as a consultant until September 30, 2024.

Naspers retains a 43% ownership stake in Prosus and holds a commanding 72% voting interest. Ervin Tu has stated that Prosus is actively exploring options to unlock further value, including the possibility of listing some of its investments on the stock market. However, Tu cautioned that such endeavors require time and careful consideration.

Prosus also plans to pursue share buybacks in an effort to narrow the valuation gap between Naspers/Prosus and Tencent.

This leadership change and restructuring mark a significant chapter in the history of these technology investment giants, and shareholders will be closely watching as Ervin Tu takes on the interim CEO role, steering the companies through the evolving landscape of the tech industry.

Despite this, the Foundry will still be active with its investments in companies such as Naked Insurance, SweepSouth, and the recently announced $100 million megaround for Planet42.

Naspers Foundry was established to support South African startups in their Series A and B stages, which are in line with Naspers’ internet businesses such as food, payments, and classifieds, as well as other digital ventures addressing societal needs. Since its launch in 2019, Naspers Foundry has provided funding to more than nine startups, with a total of over R740 million (~$40 million).

A Naspers spokesperson revealed to BusinessDay that the move is in response to the metamorphosis of the worldwide and South African investment scene, and it has become apparent that the company makes adjustments. Therefore, there has been a revision of its early-stage investment plan in SA to make it fit with the company’s global approach. 

Naspers will keep on encouraging the progress of the early-stage tech industry in SA, evaluating the marketplace and new prospects in a way that accords with its other international markets.

Prosus Ventures, the international arm of Naspers, is now responsible for maintaining the company’s investments in South Africa, and Naspers will no longer have a separate team dedicated to local startups.

Through its early-stage investment vehicle, Naspers Foundry, Naspers co-led the $15 million equity round for Planet42 alongside ARS Holdings. 

Other investors who participated in the equity round included existing and new VCs, such as Rivonia Road Capital, providing a $75 million credit facility. Planet42 also received $10 million in debt funding from private investors.

Eerik Oja and Marten Orgna founded Planet42 in 2017 as a rent-to-own car business. The startup is tackling the issue of unreliable and dysfunctional transportation systems around the globe.

The new funding will facilitate its efforts as it plans to rapidly scale operations and provide a million cars globally to people excluded from traditional car financing.

Planet42 leverages technology to mitigate risk and promote financial inclusion. The company buys second-hand cars from a network of motor dealers and provides them to customers on a subscription basis.

To access Planet42’s services and choice cars, customers sign up for a car subscription without the need for Planet42 to physically see the car or meet the customer.

The company affirms to have bought over 12,000 cars for its customers in South Africa and Mexico. It also asserts to have purchased over 5,000 vehicles in South Africa alone in the last 12 months and commenced expansion into Mexico last year, while delivering 250 cars to customers in the country.

The Mexico expansion is part of its strategy to address transport inequality on a global scale.  Added to solving this issue, Planet42 uses proprietary scoring algorithms to assess risk in underbanked customer segments. These algorithms help customers find out what budget suits them and choose new or pre-owned cars from Planet42’s dealerships network.

Via the OLX.co.za platform, a message reads to visitors: “OLX South Africa is no longer available. But don’t worry, we can still help you find your new car or property,” and users are directed to AutoTrader.co.za and Property24.com, also owned by Naspers.

Reportedly, related apps appear to have been removed from Google Play and the Apple App Store, and the brand’s social media channels deactivated.

Local media quoted Sjoerd Nikkelen, OLX Group GM for Asia, Middle East and Africa, as saying, “A few moments ago, we discontinued our OLX horizontal classifieds platform in South Africa, as we focus our customer proposition fully on our strong property and autos verticals in the country — Property24 and AutoTrader.”

He added that the decision is ultimately an indication of the progress made by the company in South Africa over recent years and symbolic of how the Group continues to adjust itself.

In 2019, Naspers-owned Group announced that it was selling its OLX horizontals in Nigeria, Ghana, Kenya, Tanzania, and Uganda to leading Nigerian horizontal Jiji.ng.

Naspers, headquartered in Cape Town, is one of the largest technology investors in the world and the parent company of marketplace giant Prosus, which operates or shares operations in the Group’s sites in more than 30 countries with more than 20 brands.