Long-serving Datacentrix director Gary Morolo is stepping down as chairman and board member of the JSE-listed technology services company “with immediate effect”.
Morolo, who joined Datacentrix 15 years ago and who served as its CEO, is leaving following news at the end of last month that the Competition Tribunal had approved what it described as a hostile bid by Pinnacle, another JSE-listed technology company, to acquire a controlling interest in Datacentrix, subject to conditions.
According to the tribunal, Pinnacle acquired 34,9% of the total voting shares in Datacentrix, giving its “material influence over shareholders’ votes and therefore control” of the company. The takeover was hostile as the offer by Pinnacle had not been recommended by Datacentrix’s board to shareholders.
Pinnacle first announced in September that it was buying Datacentrix shares in a move designed to allow it to move into the technology services business more aggressively.
Datacentrix confirmed on Friday that Morolo is standing down immediately as its nonexecutive chairman and as a director.
“Following recent changes in the shareholding structure of the company with the introduction of a new significant shareholder, Mr Morolo wishes to make way for new leadership to be put in place by the board,” it said in a tersely worded statement.
“The board wishes to express its sincere gratitude to Mr Morolo for his services and leadership to the board since his appointment in August 1998, and wishes him well going forward.”
Pete Backwell, the lead independent nonexecutive director, will assume the role of interim chairman until a full-time replacement has been named.
Datacentrix was trading 2,9% higher in morning trade on the JSE, although on thin volumes. — (c) 2013 NewsCentral Media
- Image: Ernst & Young