Marius de la Rey is stepping down as interim CEO of iOCO, the JSE-listed IT services group that was until recently known as EOH Holdings.
iOCO announced De la Rey’s resignation on Thursday alongside a trading update in which it said expects up to a 290% improvement in headline earnings per share (Heps) for the six months to end-January 2025 compared to the same period a year ago. The shares leapt 11.5%.
De la Rey, who was appointed as interim CEO following the departure last March of Stephen van Coller, will also step down from the board. Both changes are effective immediately.
Replacing De la Rey are newly appointed joint CEOs and executive directors Rhys Summerton, who is currently a non-executive director, and Dennis Venter, also a non-executive on the board.
“Rhys will be directly focused on capital allocation decisions and group strategy while Dennis will focus on revenue-generation initiatives,” iOCO said.
“Both joint CEOs will work closely with existing group chief financial officer and executive director Ashona Kooblall and the existing management team of iOCO Limited. Rhys and Dennis joined the board in May 2024 and have been instrumental in various turnaround initiatives in the company as part of the board’s restructuring committee,” it said.
Shares soar
On its upcoming interim results, which it expects to publish on 2 April, iOCO said Heps will likely rise by between 270% and 290%, or between 19c and 21c.
Read: EOH Holdings to be renamed
iOCO’s share price has risen sharply in the past year on the expectation of a turnaround. Up to Wednesday’s market close, excluding Thursday’s 11.5% jump, the shares had added 143% in the past 12 months. – © 2025 NewsCentral Media
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