Mayet steps down as EOH chief

Relinquishes role to concentrate on new subsidiary Nextec

JSE-LISTED EOH Holdings announced that its chief executive Zunaid Mayet has stepped down from his role to take over as the head of the group’s newly-created subsidiary Nextec as part of the company’s restructuring process.

EOH said it had also decided to reconfigure its board with the appointment of Jesmane Boggenpoel as independent non-executive director, chairperson of the governance and risk committee and a member of the audit committee in a bid to strengthen governance and to support the new business model.

“Boggenpoel is an experienced business executive and a former head of business engagement for Africa at the World Economic Forum based in Switzerland,” the group said. EOH also announced the appointment of Ismail Mamoojee as an independent non-executive director.

It said he would chair the board’s audit committee and would also be a member of the governance and risk committee, adding that board members Lucky Khumalo and Johan van Jaarsveld would be leaving the group next month.

“Mamoojee is a seasoned business executive and was chief financial officer for Liberty Life’s Africa division before spending the last seven years in his role as group chief compliance officer for Liberty Life,” the company added.

EOH technology services group said Mayet opted to relinquish his post as chief executive to focus on his new role at Nextec.

The group said that Rob Godlonton would take over as the chief executive of the EOH branded services.

“In March, EOH Holdings announced its new strategy, which centred on reconfiguring the group into two distinct and independent businesses, each with its own chief executive, unique brand and identity, business model, growth and go-to-market strategies,” EOH said.

The group’s shares reacted positive at the changes, firming more than 6 percent in early trade to R27.20 a share, up from Tuesday’s closing price of R25.20.

EOH said that it would split its business into two new operating businesses, with one trading under the banner of EOH brand focusing on legacy ICT operations and a new business, Nextec, with its focus on high-growth opportunities. It expected the creation of the two independent businesses under EOH Holdings to be completed by August.

“The ICT business will operate under the EOH brand. The specialised solutions for highgrowth industries businesses will operate under the Nextec brand.”

The board said it had embarked on the process of finalising the appointment of a chief executive.

“The appointee is highly regarded, with a solid track record and a strong background in corporate finance, investment banking and technology,” it said. An announcement on the appointment would be made in the coming weeks.

The shares closed 8.33 percent up on the JSE yesterday at R27.30.