Listed ICT group EOH has announced a number of significant management changes at the company as it applies its restructuring strategy.
This includes CEO Zunaid Mayet stepping down to head up a new subsidiary, with his replacement expected to be named soon.
According to the group, the new strategy will reconfigure the board, and comes as a result of an independent review of the group’s governance.
Ultimately, the new plan will reconfigure the group into two distinct and independent businesses, each with its own CEO, unique brand and identity, business model, growth and go-to-market strategies.
The ICT business will operate under the EOH brand, while the specialised solutions for high-growth industries businesses will operate under the newly launched Nextec brand.
The two independent businesses will operate under EOH Holdings, and the setup process will be completed by 1 August 2018.
The EOH Holdings corporate structure will be responsible for corporate finance, corporate strategy, group reporting, investor relations, risk and compliance.
In addition to the growth expected from the two businesses described above, EOH Holdings will drive growth in the areas of innovation, own IP software, international business and emerging technologies.
In line with this strategy, current CEO Zunaid Mayet has now been appointed as CEO of Nextec. Mayet opted to relinquish his role as CEO of EOH Holdings to assume this role.
Rob Godlonton, meanwhile, has been appointed as CEO of the EOH branded business.
The board is in the process of finalising the appointment of a CEO for EOH Holdings. The appointee is highly regarded, with a solid track record and a strong background in corporate finance, investment banking and technology.
Further details on the new CEO will be made available in the coming weeks, the group said.
Shares in EOH have suffered, particularly over the past year, trading at R25.19 on the JSE on Wednesday, down from around R130 a year ago.