Imtiaz Patel to stay on as MultiChoice chairman

Published: 2024-04-02 10:02 +02:00 by Duncan McLeod tag: Broadcasting and Media

MultiChoice has rescinded a previous announcement that Imtiaz Patel would step down as its chairman with effect from 1 April.

Imtiaz Patel

In a surprising development, MultiChoice Group has rescinded a previous announcement that chairman Imtiaz Patel would step down with effect from 1 April.

Last September, MultiChoice told investors that Patel would step down effective 1 April 2024, making way for Elias Masilela to step into the role at a pivotal time for the JSE-listed broadcaster, which is currently the subject of a takeover bid by French broadcasting giant, Groupe Canal+.

“In view of the recent ruling by the Takeover Regulation Panel that required Canal+ to make an immediate mandatory offer to all MultiChoice shareholders … the MultiChoice board has reached an agreement with Imtiaz Patel to remain on as chair,” it said on Tuesday.

“The 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.”

Read: Patrice Motsepe could join Canal+ bid for MultiChoice

Instead of taking over as chairman of the board, Masilela has been named deputy chair. He will also become lead independent director, replacing Jim Volkwyn in that role. Volkwyn will remain on the board. – © 2024 NewsCentral Media

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