BREAKINGVIEWS-Prosus CEO exit leaves Tencent elephant in room

Reuters2023-09-18

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.)

By Karen Kwok

LONDON, Sept 18 (Reuters Breakingviews) - Bob van Dijk has quit as boss of the $380 bln Chinese giant’s top investor. Interim CEO Ervin Tu can call for more asset sales to boost Prosus’ returns. But without a plan to move on from a status quo where Tencent makes up three-quarters of the portfolio, its valuation will lag.

Full view will be published shortly.

Follow @karenkkwok on X

CONTEXT NEWS

Dutch-listed technology investor Prosus and its South African parent Naspers said on Sept. 18 that Bob van Dijk had stepped down as chief executive officer from both companies.

The companies named Chief Investment Officer Ervin Tu as interim CEO.

The companies did not provide a reason for van Dijk’s departure. A source close to the company told Reuters that it was not a major surprise after van Dijk spent a decade at the role, almost double the time most CEOs spend at FTSE 100 companies.

Prosus holds a 26% stake in Tencent, which has a market capitalisation of $381 billion as of Sept. 18. Its shares had fallen 2.8% to 28.8 euros as of 1023 GMT on Sept. 18.

(Editing by George Hay, Streisand Neto and Oliver Taslic)

((For previous columns by the author, Reuters customers can click on SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS

| karen.kwok@thomsonreuters.com; Reuters Messaging: karen.kwok.thomsonreuters.com@reuters.net))

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