MultiChoice Has Announced Imtiaz Patel’s Exit As Chairman, Just Weeks After Saying He Would Stay On In The Role
Just weeks after announcing that its chairman, Imtiaz Patel, would stay on to oversee a possible deal with Groupe Canal+, MultiChoice Group on Tuesday announced Patel’s exit from the role with immediate effect. The move comes amid concerns about corporate governance at the broadcaster, which is the subject of a takeover bid by France’s Canal+. In a surprise move, MultiChoice said on 2 April — following a board meeting before the Easter weekend — that it had rescinded a previous announcement that Patel would step down, with board member Elias Masilela due to take up the chairmanship from 1 April. “In view of the recent ruling by the Takeover Regulation Panel that required Canal+ to make an immediate mandatory offer to all MultiChoice shareholders … the MultiChoice board has reached an agreement with Imtiaz Patel to remain on as chair,” the company said at the time. “The board believes there is significant benefit in continuity at this time, and Mr Patel has agreed to extend