Dutch investment firm Prosus's CIO Ervin Tu to step down
Prosus's Ervin Tu, who joined Prosus in August 2021, was responsible for simplifying the Group’s structure and improving its overall financial performance.
Dutch investment giant Prosus on Tuesday said its Group President and Chief Investment Officer, Ervin Tu is stepping down from his current role.
Tu, who joined the company in August 2021, was responsible for simplifying the Group’s structure and improving its overall financial performance. He also implemented the ongoing share repurchase programme, as well as enhancing the operations of the investment team.
Tu's departure comes about a year after the Amsterdam-headquartered Prosus and its South Africa-based parent group Naspers appointed Fabricio Bloisi as the chief executive officer (CEO) of Prosus and Naspers Group in May 2024. Ervin Tu was instrumental in supporting a successful leadership transition, shared the company.
"Under Fabricio’s leadership, the Group has charted an exciting new course as a connected, innovative tech company as opposed to an investment holding company. 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. I wish Fabricio and the team the very best for the future," shared Ervin Tu.
"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, and I am pleased that Ervin will remain a good friend of the Prosus and Naspers team and continue to advise the company.”
These developments come as Prosus renews its focus on key markets of Latin America, India and Europe. The Group has invested in a host of Indian startups, including recently listed Swiggy, IPO-bound Meesho and Urban Company as well as PayU, ElasticRun and Rapido.