MultiChoice chairman Imtiaz Patel is stepping down with immediate effect and is being replaced by Elias Masilela.<\/p>\n
This comes three weeks after MultiChoice announced that Patel\u2019s resignation had been put on hold<\/strong><\/a> so he could preside over negotiations with French media giant Groupe Canal+.<\/p>\n Canal+ was compelled to make a mandatory offer<\/a><\/strong> to buy MultiChoice earlier this year when it exceeded the 35% shareholding threshold stipulated in the Companies Act.<\/p>\n MultiChoice had announced in September last year that Patel would step down<\/strong><\/a> on 1 April 2024.<\/p>\n He would remain involved as a consultant to MultiChoice until October 2028.<\/p>\n Business Times recently reported that MultiChoice\u2019s last-minute decision to extend Patel\u2019s tenure had caused rifts at the company<\/strong><\/a>.<\/p>\n However, MultiChoice said the decision was unanimous. It also noted that Patel would not receive any additional fees he wouldn\u2019t otherwise have.<\/p>\n Patel declined to comment, referring queries to MultiChoice, while Masilela said he supported the decision.<\/p>\n In the notice issued on 2 April \u2014 after a board meeting on 28 March \u2014 MultiChoice\u2019s board said it believed there was significant benefit in continuity at this time.<\/p>\n \u201cMr 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,\u201d it said.<\/p>\n However, in today\u2019s notice, MultiChoice said the plan was always for Patel to step down once certain milestones were reached.<\/p>\n \u201cAt the time of announcement of 2 April 2024, discussions were in their final stages on key terms of the proposed transaction,\u201d it said.<\/p>\n