In an unexpected development, the founder CEO of EOH, the technology services group that has delivered impressive returns for shareholders for many years, is stepping down. Asher Bohbot will leave the JSE-listed group at the end of June.
The news sent EOH’s share price sharply lower on Monday. The counter closed down almost 7%, at R125, close to its 52-week low of R123 and well off its year high of R176,33, as investors took fright.
Bohbot, who founded EOH 19 years ago, will take a six-month sabbatical, EOH said in a statement to shareholders shortly after markets opened on Monday. During his sabbatical, he will be available in an advisory capacity, after which he will re-join the board as a nonexecutive director.
Zunaid Mayet has been appointed as group CEO to replace Bohbot. Prior to this appointment, Mayet was CEO of the EOH Industrial Technologies division, a business he started six years ago.
Mayet joined EOH eight years ago after spending many years with a global technology and engineering group, fulfilling various leadership and executive leadership roles in Europe, Asia and South Africa, EOH said in the statement.
“Zunaid, who is 50 years old, has an education in software engineering, business administration and executive development. He has a solid track record of leading and growing businesses internationally.”
At the same time, EOH said it has appointed Rob Godlonton, Johan van Jaarsveld, Ebrahim Laher, Jehan Mackay and Brian Gubbins as executive directors on its board.
“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.
Jane Retief (née Thomson) has resigned from the board after serving as an executive director for the past 14 years. Retief will continue in a leadership role in the business, EOH said. Dion Ramoo has also resigned from the board after serving as an executive director for the past 13 years. He will also stay on in a leadership role. — © 2017 NewsCentral Media