EOH shares rally on announcement of new CEO

EOH Holdings’ [JSE: EOH] shares were trading up 18.72% at R41.79 on Thursday afternoon, following its appointment of Stephen van Coller as its new CEO. 

The JSE-listed IT service company’s shares had opened at R35.50.  

In a morning notice to shareholders, EOH said that Van Coller, who previously worked at MTN, Barclays Africa and Deutsche Bank, would take the reins at the group from September 1.

EOH said Van Coller’s appointment was part of its new strategy, announced earlier in the year, to reconfigure itself into two distinct businesses, EOH and NEXTEC.

"Each company would have its own unique brand and identity, business model, growth and go-to-market strategies", the notice read.

Van Coller, a senior business executive and accountant by training, previously held the position of vice president of strategy mergers and acquisitions and vice president of digital services, data analytics and business at MTN. He was also previously at Barclays Africa Group and the South African division of Deutshe Bank.

"His business knowledge, experience, background in the African market and the technology space coupled with his excellent financial acumen ideally positions him to lead EOH Holdings into its next chapter," said EOH's board in a statement. 

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