Mxit has appointed former acting CEO Francois Swart as the company’s permanent head. Swart took on the role in October 2012 when then-CEO Alan Knott-Craig quit after clashing with the company’s board over strategy.
Knott-Craig’s decision to quit followed a move by the shareholders to invest R100m into Mxit to fund the expansion of the business.
Swart is an executive at World of Avatar, a privately held investment company that holds a stake in Mxit.
Knott-Craig exited World of Avatar when he left Mxit.
Swart has previously served as CEO of private equity company Paladin Capital and as an executive director at Goldman Sachs.
One of Mxit’s shareholders, former FirstRand CEO Paul Harris, says Swart has been the de facto CEO for almost a year and “has the respect and trust of his management team, staff and the shareholders”.
Harris says this stems from “proactively leading and transforming the business to what it is today”.
“Mxit is in a great position right now and this is in part due to the leadership he has displayed.”
Swart, meanwhile, says it is “exciting time” to be leading Mxit. “The mobile landscape is a very dynamic and competitive space, much more so now than when Mxit first entered the market. What we have lacked in the past is a strong smartphone presence. But that is changing.” — (c) 2013 NewsCentral Media
