Novus Holdings announced the departure of Chief Executive Officer (CEO), Stephen van der Walt, who is leaving the Group after more than 15 years of service.

Van der Walt will step down as Chief Executive Officer and as a director of Novus Holdings with effect 31 March 2016. Keith Vroon, Chief Operating Officer for Novus Holdings, has been appointed as acting Chief Executive Officer.

Van der Walt began his career with Novus Holdings, formerly the Paarl Media Group, in 2000 as Chief Financial Officer. In 2003 he was appointed as Chief Operating Officer and took on the reins as Chief Executive Officer in 2005. Under his leadership, the Group successfully listed on the JSE in March last year.

Van der Walt says that it has been an emotional decision but it comes at the right time after 15 years with a fantastic company and exceptional people. He commented: “Novus Holdings has a solid foundation in place and I leave behind a well-experienced and capable executive team who will take the business forward and continue delivering sustainable growth.”

The Board wishes to express their gratitude to Van der Walt for his loyal service and the enduring contribution he has made to the Group.

Chairman Lambert Retief commented: “Stephen has been instrumental in the growth that the business has experienced during his longstanding tenure. He has pioneered the diversification of the Group and has been at the forefront of unlocking value within the business. We wish him all the best in pursuing the next phase of his career.”

The Board is confident about the future prospects of Novus Holdings and supports Vroon and the executive team to drive the Group’s strategic objectives and vision, to the benefit of clients, employees and shareholders.

Van der Walt will work in conjunction with Vroon in the build up to his departure to ensure a smooth transition. Following 31 March 2016, he will also remain as an independent consultant to the Group until 30 September 2016 and serve on projects as required by the Board.