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CELL C ANNOUNCES MANAGEMENT CHANGE

The Board of Cell C announces that Lars P. Reichelt, CEO, will be leaving the company today.  Lars has indicated his wish to resign for personal reasons and, after discussions about the way forward, the Board has agreed to accept his resignation.

The Board has nominated Simon Duffy, Chairman of the company, to serve as acting CEO until a successor is appointed.

During his two and a half year tenure at the helm of the company, Lars has led the much needed transformation and has strategically positioned Cell C for future growth.  Simon Duffy said, “The directors and I wish to thank Lars for his contribution to the restructuring of the company and for his strategic input and leadership in moving Cell C to the forefront of the mobile broadband market.  We wish him success for the future and will be looking to the new CEO to drive and implement the company’s strategy in the next phase of its development.”

Lars said, “The Cell C crew has made incredible strides over the past few years and I am very proud to have led that process.   I am confident the company, supported by its strong management team, is well-positioned for continued growth, and have agreed to be available in an advisory capacity.”




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