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Net1 Terminates Consulting Agreement with Serge C.P. Belamant
Jul. 31, 2017 09:48AM PST
Fintech InvestingNet 1 UEPS Technologies (NASDAQ:UEPS) has announced that its board of directors has issued its former CEO, Serge C.P. Belamant a 90-day written notice to terminate his two-year consulting agreement with the company. As quoted in the press release: Mr. Belamant retired as CEO of Net1 on May 31, 2017. The Company will not be …
Net 1 UEPS Technologies (NASDAQ:UEPS) has announced that its board of directors has issued its former CEO, Serge C.P. Belamant a 90-day written notice to terminate his two-year consulting agreement with the company.
As quoted in the press release:
Mr. Belamant retired as CEO of Net1 on May 31, 2017. The Company will not be making any termination payments to Mr. Belamant beyond the 90-day notice period.
“We have managed a smooth transition and thus believe there is limited value to continuing with such agreement for a lengthy period of time,” said Mr. Christopher S. Seabrooke, Chairman of Net1. “We discussed our decision with Mr. Belamant, who concurred with our conclusion. Our parting is cordial and we wish him success in his future endeavors after the remaining period of the consulting agreement with us,” he concluded.