Avusa CEO Prakash Desai has resigned, the company said on Wednesday. Desai stepped down on Monday and MD of media, Mike Robertson, would act in his place, the Avusa board said in an online statement.
Avusa is one of SA’s largest media houses, and publishes print titles such as the Sunday Times, Business Day and Financial Mail. It also owns cinema chain Nu Metro and book retailer Exclusive Books.
The company has failed to keep pace with rival Naspers in digital media.
“Prakash has served, at the highest performance standard, as group CEO for the past five years and has been with the group in senior positions the past 13 years,” Avusa said in a statement.
“The board wishes to express its gratitude to Mr Desai for his years of leadership.”
Desai had been the longest serving director on the Avusa board at the time of his resignation, the company said.
Desai’s resignation may open the way for suitor Capitau to buy the troubled company. — Staff reporter, TechCentral, with Sapa
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