Prosus' chief investment officer Ervin Tu to step down

JOHANNESBURG (Reuters) -Dutch technology investor Prosus said on Tuesday that Ervin Tu, the group's President and Chief Investment Officer will step down from his role.

Tu will remain in his role as an advisor to the group, the company's statement added.

Prosus' vision and strategy has changed significantly over the past 10 months under CEO Fabricio Bloisi, transforming the company from an investment holding group into an operating technology company, focused on lifestyle e-commerce, within its key markets of Latin America, India and Europe.

As a result, Tu feels that now is the right time to move on, said the company, controlled by South Africa's Naspers.

"I have enjoyed my time with the group immensely, I've accomplished what I wanted to achieve, and the Group is in very good hands," Tu said.

Since he joined in August 2021, Tu has led important group initiatives, such as simplifying the group's structure, improving group-wide financial performance, implementing the ongoing share repurchase programme, and enhancing the operations of the investment team, Prosus said.

"Ervin has made significant contributions to our people, strategy and capital allocation – as CIO, as interim CEO and as President. I am very grateful to him for his counsel and support," Bloisi added.

(Reporting by Nqobile Dludla in Johannesburg and Gursimran Kaur in Bengaluru; Editing by Janane Venkatraman and Louise Heavens)