IT group EOH Holdings, which was under pressure from its shareholders to change its board, on Friday announced a board shake-up and the resignation of its interim CEO and chairperson, Andrew Mthembu.
Marius de la Rey has been appointed as interim CEO.
Mthembu was appointed interim CEO following EOH CEO Stephen van Coller’s resignation on March 31. Van Coller was appointed in 2018 to clean up corruption at the firm after an ENSafrica investigation into EOH’s dealings revealed many instances of governance failings and wrongdoing.
Fatima Newman has stepped down as an executive director but will remain in her capacity as the CEO of EasyHQ, and Bharti Harie has resigned as independent non-executive director.
Veronica Motloutsi has been appointed as independent non-executive director, Dennis Venter has been appointed as non-independent non-executive director, and Rhys Summerton has been appointed as non-independent non-executive director.
De la Rey said: “I am excited to be leading EOH through the next part of our journey as our dedicated teams focus on delivering industry leading technologies for our customers. I look forward to working alongside the existing and new board members.”
Equity analyst site Simply Wall Street said in a note: “It is a pleasure to report that the EOH is up 31% in the last quarter. But that doesn’t change the fact that the returns over the last half decade have been stomach-churning. Like a ship taking on water, the share price has sunk 92% in that time.
“The recent bounce might mean the long decline is over, but we are not confident. The fundamental business performance will ultimately determine if the turnaround can be sustained.”
BUSINESS REPORT