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Issad Rebrab, an Algerian billionaire and one of Africa’s wealthiest men, has announced his retirement as CEO of Cevital Group, Algeria’s largest private conglomerate, as part of the group’s strategic transition process, which began in late 2020.
Rebrab, who founded Cevital Group, revealed that the decision to exit the group comes after more than five decades of developing the local economy and assisting Cevital in becoming what it is today.
“After more than 50 years spent at the heart of the economic life of our country and strong in the realization of what the Cevital Group has become, I can say that I have lived this period with a lot of pleasure and pride,” he said. “Today, at the end of a transition process beginning at the end of 2020, I have decided to leave all my functions and mandates as head of the Cevital Group.”
The businessman also revealed that his retirement from the group, which will take effect on June 30, will see his son Malik Rebrab, who has previously held high positions in the Algerian group, take over as CEO on July 1.
He added that Cevital will continue to participate in the country’s development and invest to create jobs, wealth, and non-hydrocarbon exports.
The recent move follows a growing trend among African businessmen, with a number of them, including Zimbabwean tech tycoon Strive Masiyiwa, stepping down from the helm of the organizations that they founded years ago to pursue philanthropic endeavors.
According to experts, the new team will focus on several large projects that have strong synergies with the group’s activities in Algeria, continental Europe, and Brazil.
For many years, Cevital Group has been developing an ambitious foreign acquisition strategy in search of growth opportunities by 2025 and has been able to achieve the critical mass required to compete in the same league as the world’s largest corporations.
Rebrab, who made the majority of his money from Cevital, is Africa’s seventh-richest man, trailing Nigerian telecom and oil magnate Mike Adenuga, who has a net worth of $6.7 billion.
The Algerian billionaire’s net worth has increased by $900 million since 2020, from $4.2 billion to $5.1 billion.
