The board of MultiChoice Group, an African entertainment company, has agreed with Imtiaz Patel, the company’s Chairman, to stay until the buyout with French media company Canal+ is completed.
This move follows the group’s initial statement in September 2023, announcing that Patel would step down as chairman on April 1.
According to a shareholder update released on Tuesday, April 2, the South African company reversed its announcement.
The company explained that “In view of the recent ruling by the Takeover Regulation Panel that required Groupe Canal+ SA to make an immediate mandatory offer to all MultiChoice shareholders, the MultiChoice board believes there is significant benefit in continuity at this time, and Mr. Patel has agreed to extend his tenure until the conclusion of the Canal+ transaction, or such sooner date as may be determined in light of progress on the transaction.”
In light of the recent events, a seasoned Non-Executive Director (NED), Elias Masilela, who was supposed to succeed Patel as chair, has been named Deputy Chairman of the board.
Masilela will also succeed Jim Volkwynv as Lead Independent Director.
Though Volkwynv has stepped down, he remains a NED.
In the same statement, the board sent its gratitude to Patel for staying on, to Masilela for assuming the new roles, and to Volkwynv for his service to the company.
