Fabricio Bloisi, the new CEO of Naspers and its subsidiary Prosus, has presented ambitious plans to double the market value of the group within four years. The goal is to increase the current value of Prosus, which is around 105 billion US dollars, to 168 billion US dollars.
I am here to create the next Tencent," Bloisi told the Financial Times.
A central component of Bloisi's strategy is the restructuring of compensation structures within the company. Instead of fixed salaries, compensation should be more closely linked to achieved results. "Compensation must be driven by the results and growth you create—not just for me, but for everyone in the company," explained Bloisi. This measure aims to foster an entrepreneurial culture that favors higher risks and corresponding rewards.
The previous management is criticized by Bloisi for, in his opinion, having a lack of incentive structure that hindered the company's growth beyond the Tencent stake. "Prosus was not innovative enough. I think Prosus doesn't take enough risks," he further emphasized. To change this, top managers are encouraged to act more like founders of technology companies who are not only disruptive but also link their compensation to the results achieved.
In addition to internal changes, Bloisi also plans strategic acquisitions, particularly in the highly fragmented food delivery services market. Analysts like Piers Harding-Rolls from Ampere Analysis see this as a big bet with the potential to significantly strengthen Prosus, but it also carries risks due to high valuations. Bloisi himself will be rewarded with a bonus of 100 million US dollars if the target value of 168 billion US dollars is reached, which is significantly higher than previous board compensations.
The announcement by Bloisi follows the resignation of former CEO Bob van Dijk, who criticized the focus on the Tencent stake and refused to sell the shares. Bloisi intends to continue this course, but with a significantly broader strategic approach to strengthen the company in new areas.
