MTN: 10,232 +23 (+0.23%)
Craigie Stevenson appointed permanent CEO of Cell C
(Corrects headline and paragraph 1 to make clear Craigie
Stevenson appointed by Cell C, not Blue Label)
JOHANNESBURG, Aug 7 (Reuters) - South Africa's Blue Label
Telecoms said on Wednesday Douglas Craigie Stevenson
had been appointed permanent CEO of mobile carrier Cell C,
citing its improved finances since he took the position on an
Blue Label, which has been trying to dig the business out of
debt since buying a majority stake in the country's
third-largest mobile carrier in October 2016, also announced a
national roaming deal between Cell C and MTN that it
says will bring substantial cost savings.
Cell C Chairman Kuben Pillay said Craigie Stevenson has made
a big impact since taking charge after Jose Dos Santos stepped
down in February to pursue another opportunity.
"In the past five months, Douglas and his team have led the
company to improved financial stability, sound business ethics
and good governance, better operational performance and on a
path to sustainability," Pillay said in a statement.
The deal with MTN would reduce Cell C's capital expenditure
and spending on its network, Blue Label said. The statement did
not give any further details but added that a long-form
agreement was now being negotiated.
Negotiations with The Buffet Consortium, which it announced
would take a minority stake in Cell C in February, are
progressing well, it added.
Blue Label has declined to name the members of The Buffet
(Reporting by Emma Rumney
Editing by David Goodman)
First Published: 2019-08-07 16:24:06
Updated 2019-08-07 17:06:57
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