Top executives at JSE-listed IT services group EOH Holdings, including CEO Stephen van Coller, will have their salaries cut by 25%, while those earning more than R250 000/year will see their pay reduced by 20%.
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EOH Holdings reported a 21.8% decline in total revenue to R6.4-billion in the six months to 31 January 2020, but losses decreased as it said it was making headway with its turnaround plan.
EOH Holdings is poised to slash employee salaries by as much as 20% in an effort to stave off a potential Covid-19 lockdown-induced crisis at the JSE-listed IT services group.
EOH Holdings expects to reduce its headline loss per share by at least 47% in its latest reporting period, the JSE-listed IT services group said on Thursday.
South Africa’s benchmark stock index plunged the most since the market crash of October 1997 as reaction to US measures aimed at curbing the spread of the coronavirus accelerated the sell-off.
MTN Group shares fell more than 12% on Monday morning in Johannesburg, to their lowest levels in nearly 14 years, as investors digested the news of a shock fall in oil prices overnight.
While big technology shares in the US have continued to hit new highs in 2020 – among them, Microsoft, Apple, Amazon, Google and Nvidia – JSE-listed IT companies have had a torrid start to the new decade.
JSE-listed technology services group EOH Holdings has appointed Anushka Bogdanov as its new lead independent non-executive director, replacing Andrew Mthembu, who was recently named as chairman.
It’s been a grim start to 2020 for some South African-listed technology companies, which have seen their shares battered on weak earnings updates and negative investor sentiment.
EOH Holdings has announced that Andrew Mthembu has been appointed as full-time chairman following the death last month of previous chairman Xolani Mkhwanazi.