Mayet steps down as EOH CEO amid restructuring

EOH CEO Zunaid Mayet is relinquishing his role as group CEO to take the reins at newly-created subsidiary Nextec, the JSE-listed IT services group said.

The announcement comes in the same week that EOH’s share price has come under significant renewed pressure, falling 9.7% on Monday and a further 4.6% on Tuesday. It is now trading at levels last seen in 2011.

In March, EOH announced that it would split its business into two new operating entities; one under the EOH brand focusing on legacy ICT operations, and Nextec to focus on highgrowth opportunities. Rob Godlonton will head the new EOH subsidiary.

The creation of the two independent businesses will be completed by 1 August, EOH said.

The board is in the process of finalising the appointment of a new CEO for EOH Holdings.

EOH has also provided an update on work done by law firm ENSafrica into governance following media reports about impropriety in some of its public sector dealings, particularly around the CGT Group, an acquisition it has since unwound.

“ENSafrica found no evidence implicating EOH of complicity, awareness or condonation of any illicit activity that may or may not have taken place.

“ENSafrica also found that a comprehensive due diligence was conducted prior to the acquisition of GCT and that there was no adverse information regarding GCT at the time. Accordingly, there was no impediment to engaging with GCT.”

ENSafrica continue to perform an ongoing risk-based, monitoring and oversight role. – TechCentral