WeBuyCars owner announces new CEO
David Hurwitz will resign as Transaction Capital group CEO and board director, effective 31 December 2023.
“David joined Transaction Capital in 2005 and has played a pivotal role in the company’s growth and success,” the company said in a statement on Monday.
Hurwitz was appointed CEO in 2014 after holding various leadership positions in the company.
Transaction Capital cofounder Jonathan Jawno will take over from David as group CEO at the end of the year.
“The founders of Transaction Capital have remained actively involved and invested in the group since its formation,” the company stated.
“In recent years, particularly since the onset of the Covid–19 pandemic, the founders have become increasingly active in the group, with Jonathan having recently been appointed as chairman of SA Taxi.”
Transaction Capital said that given the challenges the group has faced this year, its focus has shifted from being an investment and operating company, to unlocking shareholder value from its existing portfolio of companies.
“The founders have the skill set, experience and expertise to fulfil this strategy,” it said.
“Accordingly, it is appropriate that one of the founders lead the strategic direction of the group at this time.”
Hurwitz will continue to lead the company until the end of the year, including delivering the annual results to the market in early December.
“Following his departure as CEO, David will remain available to the group until December 2024 in an advisory capacity, ensuring a seamless leadership transition,” Transaction Capital said.
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