Naspers, the JSE-listed internet and media conglomerate, has announced a significant leadership transition and strategic pivot that reflects shifts in the global and South African tech investment landscape. Phuthi Mahanyele-Dabengwa, the company’s South Africa CEO, will join Naspers’ board of directors on April 1, 2025. Additionally, she has been nominated for appointment to the board of Prosus, its Amsterdam-listed subsidiary, pending shareholder approval at the next annual general meeting.
Mahanyele-Dabengwa joined Naspers in 2019 as CEO for South Africa, bringing a track record of leadership from her roles as co-founder and executive chairperson of Sigma Capital and as CEO of Shanduka Group. Beyond her corporate portfolio, she serves on the boards of Vodacom and Discovery Insure and participates in initiatives such as the United Nations Global Compact South Africa.
In a statement, she highlighted her commitment to fostering growth and innovation in South Africa. “As digital platforms increasingly drive economic growth globally, Naspers champions the digital platform economy in South Africa as a catalyst for development, innovation, and job creation,” she said.
Her appointment comes as Basil Sgourdos, Naspers’ CFO for nearly three decades, retires. Nico Marais will assume the role of interim CFO, with the company actively seeking a permanent successor.
While Mahanyele-Dabengwa’s board appointment signifies a strong leadership strategy, Naspers is also recalibrating its investment approach. This shift was underscored by the recent closure of Naspers Foundry, its $100 million (R1.4 billion) South Africa-focused venture capital fund, which was headed by Mahanyele-Dabengwa.
Launched in 2019 to stimulate South Africa’s tech ecosystem, the Foundry aimed to address societal challenges by investing in early-stage startups. Its portfolio includes names like Planet42, SweepSouth, and Naked Insurance. However, the fund wound down operations in mid-2023, citing changes in both local and global investment environments.