Johannesburg - The board of media firm Avusa [JSE:AVU] on Wednesday announced that Prakash Desai will step down as group CEO and director on Monday October 3.
Desai is presently the longest-serving director on the Avusa board.
It was recently the target of a takeover bid by private equity firm Capitau. Last week the board chairperson Dumisa Ntsebeza and two other directors, Tom Wixley and Babalwa Ngonyama, quit.
In the wake of their resignations, speculation rose that Desai was under pressure to leave the post.
"Prakash has served, at the highest performance standard, as group chief executive officer for the past five years and has been with the group in senior positions over the past 13 years.
"The board wishes to express its gratitude to Mr Desai for his years of leadership," it said.
Desai has said that he will take up a new career challenge, after five years as CEO in media and entertainment.
Managing director of media Michael Robertson has been appointed acting group CEO with effect from Monday October 3.
During October, Desai will work with Robertson to ensure a smooth transition.
Desai is presently the longest-serving director on the Avusa board.
It was recently the target of a takeover bid by private equity firm Capitau. Last week the board chairperson Dumisa Ntsebeza and two other directors, Tom Wixley and Babalwa Ngonyama, quit.
In the wake of their resignations, speculation rose that Desai was under pressure to leave the post.
"Prakash has served, at the highest performance standard, as group chief executive officer for the past five years and has been with the group in senior positions over the past 13 years.
"The board wishes to express its gratitude to Mr Desai for his years of leadership," it said.
Desai has said that he will take up a new career challenge, after five years as CEO in media and entertainment.
Managing director of media Michael Robertson has been appointed acting group CEO with effect from Monday October 3.
During October, Desai will work with Robertson to ensure a smooth transition.