Bob van Dijk, the CEO of Naspers, has sold about 400,000 shares in the company for nearly 1 billion rand ($69 million U.S.), according to a report from BusinessLive. The South African company awarded the shares to van Dijk as part of its share incentive scheme.
Van Dijk said that he would reinvest a majority the shares into the company in the form of bonds bought on the open market. As part of a new rule implemented by Naspers’ board, van Dijk must hold at least 10 times his base salary in company shares at all times.
The Johannesburg-listed company has been incredibly successful in recent years, due in part to its habit of investing early in successful startups. Last year, Naspers spun off its international portfolio of internet assets into a separate company, Prosus. The company, which has a market cap of $100 billion U.S., saw earnings rise by 7% in the first half of FY2020.