Mteto Nyati, group chief executive of listed technology group Altron, will step down from his role at the end of June 2022.
“This decision was informed by Nyati’s impending completion of a five-year term with the Altron Group, his successful contribution to increasing shareholder value by approximately six times during his tenure, and his search for a new challenge,” Altron said in a statement on Tuesday (11 February).
Nyati, who led Altron’s transition from a family-controlled and managed business to an independent corporate entity, contributed significantly to the achievement of several strategic initiatives at Altron. These included establishing and growing a core ICT portfolio and transforming Altron from a diversified technology group into a trusted information technology services company.
He was instrumental in finalising a number of bolt-on acquisitions during his tenure including EZY2C in Australia, Phoenix Software in the UK and Karabina, Ubusha and LAWtrust in South Africa.
Following the successful demerger, unbundling and separate listing of Bytes Technology Group plc during 2020, the businesses now have a combined market capitalisation in excess of R30 billion, Altron said.
These and other strategic initiatives, driven by Nyati, resulted in a doubling of the Group’s EBITDA prior to the demerger and unbundling of Bytes UK in December 2020. He was responsible for the establishment of a values-based culture centred on customers, employees and good governance, which also improved Altron’s societal impact.
The Altron board expressed its gratitude to Nyati for his visionary and inspirational leadership, his contribution to Altron and its shareholders, and wished him well in all his future endeavours.
Altron’s nomination committee has commenced a process to identify and appoint a successor to Nyati.