IT services group EOH Holdings [JSE:EOH] on Wednesday provided an update on the implementation of its business strategy, board reconfiguration and the outcome of ENSafrica´s independent review of the group´s governance.
The new strategy involves reconfiguring the group into two distinct and independent businesses, each with its own CEO, unique brand and identity,
business model, growth and go-to-market strategies. The creation of the two independent businesses under EOH Holdings will be completed by 1 August 2018.
The ICT business will operate under the EOH brand, while the specialised solutions for high-growth industries businesses, will operate under the newly launched NEXTEC brand.
Zunaid Mayet has been appointed as CEO of NEXTEC. Mr Mayet has opted to relinquish his role as CEO of EOH Holdings to assume this role. Rob Godlonton has been appointed as CEO of the EOH branded business.
EOH Holdings will drive growth in the areas of innovation, own IP software, international business and emerging technologies.
Reconfiguring the board
To further strengthen governance across the group and to support the new business model, EOH Holdings has decided to reconfigure its board.
Jesmane Boggenpoel has been appointed as independent non-executive director, chairperson of the governance and risk committee and a member of the audit committee. Boggenpoel is a former head of business engagement for Africa at the World Economic Forum based in Switzerland.
Ismail Mamoojee has been appointed as independent non-executive director, chair of the audit committee and member of the governance and risk committee. He is a former chief financial officer of Liberty Life´s Africa Division, a former group chief compliance officer for Liberty Life and a former partner and director at EY.
The following directors have resigned from the EOH Holdings Board with effect from 1 July 2018: Lucky Khumalo; Brian Gubbins; Rob Godlonton; Ebrahim Laher; Jehan Mackay; and Johan van Jaarsveld.
In November 2017, EOH Holdings appointed law firm ENSafrica to conduct a review of the commercial activities of the GCT Group. It found no
evidence implicating EOH of complicity, awareness or condonation of any illicit activity that may or may not have taken place.
ENSafrica also found that a comprehensive due diligence was conducted prior to the acquisition of GCT and that there was no adverse information regarding GCT at the time. Accordingly, there was no impediment to engaging with GCT.
ENSafrica will continue to perform an ongoing risk-based, monitoring and oversight role.
By late afternoon the share price of EOH was up 7.14% at R27 per share.
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