Statement posted on Alec Hogg's Facebook page, October 24 2012:

A traumatic day. Fifteen years after an idea to start a financial website led to the creation of Moneyweb, my full-time association with it has ended. Cutting through the lawyer speak, I'm just not on the same page as the guys running Caxton - Terry Moolman's local newspaper and printing company which acquired a controlling shareholding in Moneyweb when my ex wife Louise sold her stock last year. 

I guess that's business. When you own more than half the shares, you make the rules. They do. I don't. So have learnt the hard way what Willie Kirsh (Primedia) meant when he said entrepreneurs should never drop their shareholding below 50%. I cleared out my office at Moneyweb today and said farewell to the staff. And got out quick - eyes too close to the bladder, inherited from my Irish grandmother. Thanks to everyone who supported my dream. Especially the amazing staff with whom it has been a privilege to work. On the upside, more time available now so can focus on making a proper contribution on Facebook (and Twitter). So don't be scarce.

Statement issued by Moneyweb through the JSE SENS Service:

CHANGE IN ROLE OF DIRECTOR

In compliance with paragraph 3.59(c) of the Listings Requirements of the JSE Limited, shareholders are advised that Mr Alec Hogg, the CEO of Moneyweb, has resigned his position as an executive director of the company. Mr Hogg will remain on the board as a non-executive director. Mr Paul Jenkins will perform the role of executive chairman until a further announcement is made by the board, in this regard.

Johannesburg

25 October 2012

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