Asher Bohbot, founder, non-executive chairman and CEO of EOH for 19 years, is set to step down from the board of the company at the end of February.<\/p>\n
The group said in a statement on Wednesday, that in accordance with King IV, a former CEO should not serve as chairman of the board until a three-year cooling off period has been observed.<\/p>\n
It said that Bohbot will, on an advisory basis, assist the Group until the end of July 2019 in the implementation of the strategy shared with the market recently.<\/p>\n
“I have confidence in EOH\u2019s management and believe that the new strategy, which is in advanced stages of implementation, will be beneficial to all our stakeholders,” Bohbot said.<\/p>\n
Last week, EOH CEO Stephen van Coller moved to allay stakeholder jitters as the company’s shares plunged after Microsoft ended its association with IT firm.<\/p>\n
Van Coller wrote an open letter after the company said the potential loss of the contract would hurt profit by about R10 million.<\/p>\n
EOH last year hired Van Coller, a former executive at wireless carrier MTN Group and lender Absa Group, to try and shake off reputational concerns after the company was linked to questionable government contracts.<\/p>\n
But last month, state-owned power utility Eskom Holdings SOC Ltd. published allegations that its former chief procurement officer and other senior officials were involved in acts of misconduct that involved EOH, Bloomberg reported.<\/p>\n
The technology company said later the same week that both of Eskom\u2019s allegations have been fully investigated and that EOH wasn\u2019t implicated in any wrongdoing.<\/p>\n
EOH has hired a legal firm to carry out an internal investigation, according to van Coller.<\/p>\n
In order to comply with King IV\u2019s stipulation on board member independence, EOH said in its statement on Thursday that Rob Sporen, founding member of EOH and non-executive director, will also be resigning from the board after 20 years of service to the group, effective 28 February 2019.<\/p>\n
Tshilidzi Marwala, non-executive director, will be resigning from the board effective 28 February 2019 – and is also aligned with King IV\u2019s stipulation on board member independence.<\/p>\n
Tebogo Maenetja, HR executive director, will be resigning from the board effective 31 March 2019, EOH said.<\/p>\n
“Ms Maenetja will leave EOH at the end of April 2019 in order to assume a senior executive position with a large international business. We thank Ms Maenetja for her valued contribution in managing the HR function and wish her all the best in her new position.”<\/p>\n