Gijima CFO steps down

·9 Jul 2013

Gijima, the JSE-listed IT company, has announced that its chief financial officer, Carlos Ferreira has stepped down from the company.

The company, which is already operating under an acting CEO, has appointed Liesl Tweedie as acting CFO and director following Ferreira’s resignation on 8 July, 2013.

The latest announcement will come as yet another blow to the group which only last week made two new appointments to its board of directors, saying it reflects its commitment to structure the business for the growth demands of its turnaround strategy.

The loss-making firm has seen its share price plummet 86% over the past year alone, to six cents on the JSE.

“An acting CFO has been appointed in order to facilitate the process of advertising and
interviewing an appropriate candidate to fill the position permanently,” Gijima said.

Tweedie, B Compt, CA(SA), completed her articles at KPMG. She worked at ABB for 17
years of which the last five years was in the position of Country Controller and Deputy CFO.

Tweedie commences her role on Thursday, 11 July, 2013.

“The Board has full trust and confidence in Ms Tweedie´s ability and remains positive about the outlook of the company,” Gijima said.

In April, Gijima reported a 23% decline in revenue from continuing operations for the six months ended December 2012.

Revenue from continuing operations was R911 million, down from R1.1 billion in 2011, and the operating loss from continuing operations was R123 million, after a R33 million operating profit in 2012.

This translated into a loss in headline earnings per share from continuing operations of 11.12 cents, compared with positive earnings of 1.47 cents in 2011.