Ayo's CEO, CIO both quit with immediate effect

Both the chief executive officer and chief investment officer of Ayo Technology Solutions [JSE:AYO] on Friday resigned with immediate effect.

The JSE-listed information and communication technology group said in a note to shareholders that Kevin Hardy and Siphiwe Nodwele have resigned as executive directors of the company, both with immediate effect.

Naahied Gamieldien has been appointed as acting chief executive officer with immediate effect and new executives will be appointed in due course and the market advised accordingly, Ayo said.

This follows the resignation earlier this week of four other board members - Khalid Abdulla, Walter Madzonga, Telang Ntsasa and Mbuso Khoza.

Salim Young also stepped down as the independent non-executive chair, but has stayed on as an independent non-executive director, AYO said in an update to shareholders on 22 August. 

Then new chair of the board is Dr Wallace Mgoqi.

He was joined by the head of the Federation of Unions of South Africa, Dennis George, executive chairperson of Xpanse Investments, Sello Rasethaba, and the CEO of Bridge Of Hope Wines, Rosemary Mosia, as independent non-executive directors.

As Fin24 reported earlier this month, an analysis of Ayo shareholdings as of the end of July 2018 showed its shares have been acquired almost exclusively by people tied to businessperson and press baron Iqbal Survé and his family’s Sekunjalo Investments, the ultimate parent of Ayo.

The Public Investment Corporation controversially decided to underwrite Ayo’s entire private share placement before its listing in late 2017 with a R4.3bn injection, despite internal concerns that it was overvalued.

* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

ZAR/USD
16.97
(+0.36)
ZAR/GBP
21.20
(+0.22)
ZAR/EUR
19.19
(-0.20)
ZAR/AUD
11.84
(-0.04)
ZAR/JPY
0.16
(+0.14)
Gold
1784.58
(+0.54)
Silver
18.27
(+1.50)
Platinum
821.00
(+1.54)
Brent Crude
42.85
(0.00)
Palladium
1931.00
(+1.04)
All Share
54846.28
(+0.60)
Top 40
50503.91
(+0.65)
Financial 15
10134.53
(-0.15)
Industrial 25
76434.98
(-0.16)
Resource 10
51142.00
(+2.00)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1650 votes
I am taking a hit, but should be able to recover in the next year
23% - 2173 votes
My finances have been devastated
34% - 3222 votes
It's still too early to know what the full effect will be
25% - 2346 votes
Vote