• Three cheers for Thuli

    Where are South Africa’s men and women of honour, asks Mandi Smallhorne.

  • Structure your pension

    An expert explains the ins and outs of different types of retirement annuities.

  • Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

Data provided by iNet BFA
Loading...
See More

No change seen for Cell C strategy

Jul 14 2011 06:58 Edward-John Bottomley

Related Articles

Cell C chief quits suddenly

Cell C sells Virgin stake

Cell C in $430m tower sell-off deal

Cell C to appeal ASA ruling

Cell C's new network in Jo'burg soon

 
Cape Town - Lars Reichelt, Cell C’s chief executive, has left the company for “personal reasons”.

Under Reichelt’s leadership the company changed its image and brand, rolled out its successful mobile broadband network and became much more visible in the industry.

Led by Reichelt the company had also considerably reduced the price of mobile broadband.

“This is a real pity,” said Irnest Kaplan, the head of Kaplan Equity Analysts.

Kaplan was surprised by the resignation. He had regarded Reichelt as a very dynamic person and much of what the company had achieved under him had also been good for the consumer as well.

Cell C chairperson Simon Duffy will act as interim chief executive while the company seeks a successor. Duffy reckoned that the search would take from three to six months.

Reichelt will still be available to Cell C in an advisory capacity.

Duffy said Reichelt’s resignation had not been a sudden decision. A couple of months ago Reichelt had approached the board of directors, stating that for personal reasons he would not renew his three-year contract.

The board respected Reichelt’s decision and both parties had agreed that it should be effected as quickly as possible.

Duffy also emphasised that Reichelt’s strategy  would not soon be tampered with and that the company would continue to invest significantly in mobile broadband.

Three years ago, he said, the company had not had a consistent strategy. It would now continue to support Reichelt’s strategy with billions in investment.

According to Reichelt, Cell C had made “enormous progress” over the past year. He said he was proud to have led the process, and confident that the company was well positioned to grow further.

Reichelt’s family is in Switzerland. During his period as head of Cell C he often travelled between the two countries.

Duffy was unable to say whether Reichelt would return to Switzerland or whether he would be otherwise involved in South Africa.

- Sake24

For business news in Afrikaans, go to Sake24.com.
cell c  |  lars reichelt
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...