Nyati takes over reigns at listed Altron

Mteto Nyati, the CEO of MTN SA, has been appointed CEO of JSE-listed Allied Electronics (Altron) effective from July.

Nyati, who joined MTN in 2014 as the head of its enterprise business before being appointed as MTN SA CEO in 2015, replaces longstanding CEO Robert Venter.

Venter steps down after 16 years as CEO and 27 years with Altron, a company founded by his father Bill Venter 51 years ago. The announcement is part of the Venter family’s decision to relinquish control of Altron and also hand over management of the group.

The group has also disposed off noncore and nonperforming assets to focus on the technology businesses, including the Bytes group of companies.

Venter will remain on the Altron board as nonexecutive director. In February, Bill Venter retired as nonexecutive chairman and assumed the role of chairman emeritus.

Altron’s chairman, Mike Leeming, said Nyati had an extensive experience in both the business-to-business and business-to-consumer markets.

“We are extremely pleased to have him on board and are confident that he, the board and Robbie will work well together during the handover phase,” said Leeming.

Altron also said on Tuesday it expected headline earnings per share for the year to February of 50c from a loss of 145c.

The group expects a 77% improvement in basic loss per share to about 60c from a loss of 259c the previous period.

Altron said the technology businesses had “performed well and slightly ahead of expectations”. Altron’s “A” share price jumped 9.2% to close at R10.92.

Nyati will be replaced by Godfrey Motsa who will assume his new role as MTN SA CEO on Monday.

A former Vodacom executive, Motsa, joined MTN in January 2016 as vice-president for MTN’s South and East Africa region, which includes South African operations.