'Won't be the same company in 5 years': Prosus picks engineer CEO as it eyes AI revolution

Africa's most valuable group of companies, Naspers and Prosus, has chosen a new CEO who started out in engineering. It said on Friday that after an extensive search, it concluded it would need to grapple in coming years with the game-changing effects of artificial intelligence (AI) that would likely radically transform it within the next few years.

The group, whose interests span fintech, food delivery, education and classifieds, announced the appointment of iFood CEO Fabricio Bloisi as group CEO from July. The move surprised some analysts, who expressed concern over his lack of merger and acquisition experience as he looks to lead a growth-hungry group with a collective value of R2.6 trillion on the JSE.

Group chair Koos Bekker said during an investor call on Friday that the pick came after an extensive search, with some 60 candidates seriously considered, and with interviews on most continents.