/ 18 October 2012

Knott-Craig Jnr steps down at Mxit

Alan Knott-Craig Jnr.
Alan Knott-Craig Jnr.

This happened after apparently clashing with the company’s shareholders.

Neither Knott-Craig nor Mxit spokesperson Sarah Rice were immediately available for comment.

His decision follows an agreement that the shareholders would invest R100m to fund the expansion of the business.

World of Avatar, the technology investment vehicle headed by Knott-Craig, bought a controlling 90% stake in Mxit from media group Naspers and the service’s founder, Herman Heunis, just over a year ago. The value of the deal was not disclosed.

In a subsequent media statement, Knott-Craig said: "While the shareholders and I share the same vision, we differ on how to get there. Therefore, I agreed to go my own way. I wish them all the best for the future. Mxit is Africa’s biggest tech success story, and can be a global success story."

Knott-Craig, who is the son of Cell C’s CEO — the pair have the same name — said in the statement that he would not be drawn further on the issue.

Mxit chief financial officer Francois Swart will act as interim CEO. – TechCentral