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Technology group EOH has suffered a sharp share price drop on the back of an announcement that founder and CEO Asher Bohbot will be stepping down at the end of June 2017 after 19 years at the helm. This is one of many changes the company will be implementing at board level over the coming months.

EOH announces board reshuffleIn a statement to shareholders, EOH announced that Zunaid Mayet, previously Chief Executive of the EOH Industrial Technologies division, will replace Bohbot as Group CEO. Five other new Executive Directors were also announced.

“To enhance focus and control, the Group’s divisional structure is to be further strengthened, with each division being led by its own Chief Executive Officer (CEO) and Executive Committee team. To ensure continuity of the EOH culture, philosophy and value system, it was decided that the successor to the Group CEO is to come from within the current EOH Executive team. To enhance the effectiveness of the board of directors of the company, the divisional CEOs are to join the Board as Executive Directors,” the statement said.

Rob Godlonton, Johan Van Jaarsveld, Ebrahim Laher, Jehan Mackay, and Brian Gubbins are the new Executive Directors. Godlonton has been the CEO of EOH ICT for the past eight years; Van Jaarsveld is the CEO of EOH BPO, a post he has held for eleven years; and Laher is the CEO of EOH International. Mackay is the CEO of EOH Public Services and is the Group Business Development Director.

“The executive team has been together at EOH for many years. The board has full confidence that this team will successfully take EOH into its next phase of its development,” the company said.

EOH’s share price closed down almost 7%, at R125, as investors disapproved of Bohbot’s resignation. He will take a six-month sabbatical during which he will be available in an advisory capacity, after which he will re-join the board as a nonexecutive director.

Additional changes to EOH’s Board, effective immediately, include the appointment of Dr Lynette Moretlo Molefe has been appointed to the Board as a Non-Executive Director, as well as Jane Retief, Dion Ramoo and Danny Mackay resigning.

Image credit: Copyright: everythingpossible / 123RF Stock Photo

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