MultiChoice Group’s chairman, Imtiaz Patel, exits unexpectedly, just weeks after it was announced he would stay on amidst a potential deal with Groupe Canal+.
- The broadcaster faces scrutiny over corporate governance as it becomes the target of a takeover bid by France’s Canal+.
- MultiChoice reversed its previous announcement of Patel’s departure and stated that Elias Masilela would assume the chairmanship, only to see Patel’s exit announced again shortly after.
- Initially, Patel was asked to stay on for continuity during the Canal+ transaction, but discussions progressed, leading to a cooperative agreement and a shift to the next phase of the proposed deal.
- With progress made and an independent board constituted, Masilela, the current deputy chair, is now appointed as planned, and Patel steps down from the board.
- The decision to extend Patel’s tenure drew criticism, as Masilela had been on the board since 2018 and was deemed capable of handling the transaction independently.
- Patel will continue to serve as an advisor to the group in a consultancy capacity, aligning with the original plan.