In a surprise development, Altron has announced that its CEO, Mteto Nyati, will step down at the end of June.
In a statement, Altron said the decision was informed by Nyati’s “impending completion of a five-year term with the Altron Group, his successful contribution to increasing shareholder value by approximately six times during his tenure, and his search for a new challenge”.
Nyati, who joined Altron from MTN Group, where he was CEO of the mobile operator’s South African subsidiary, replaced Robbie Venter – son of Altron founder Bill Venter – as CEO of the storied electronics and technology group that was established in 1965.
In the statement, Altron said Nyati led the group’s transition from a family-controlled and -managed business to an “independent corporate entity”. He also “contributed significantly to the achievement of several strategic initiatives at Altron”.
“These included establishing and growing a core ICT portfolio and transforming Altron from a diversified technology group into a trusted IT services company,” it said.
The most significant corporate action on Nyati’s watch at Altron was the demerger, unbundling and separate listing of Bytes Technology Group plc in 2020. Bytes is now listed in London, with a secondary listing on the JSE.
Nyati also oversaw the acquisition of EZY2C in Australia, Phoenix Software in the UK, and Karabina, Ubusha Technologies and LAWtrust in South Africa.
Before his stints at Altron and MTN, Nyati was MD of Microsoft’s local unit. Before that, he served as an executive at IBM South Africa.
Altron said its board nominations committee has started the process to find a successor. – © 2022 NewsCentral Media