Mteto Nyati, group chief executive of listed technology group Altron, will step down from his role at the end of June 2022.<\/p>\n
“This decision was informed by Nyati\u2019s 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).<\/p>\n
Nyati, who led Altron\u2019s 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
These and other strategic initiatives, driven by Nyati, resulted in a doubling of the Group\u2019s 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\u2019s societal impact.<\/p>\n
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.<\/p>\n
Altron\u2019s nomination committee has commenced a process to identify and appoint a successor to Nyati.<\/p>\n