Podcast | For the past two years, Stephen van Coller has been holding down one of the toughest CEO jobs in South Africa – attempting to lead IT services group EOH Holdings out of dire straits.
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Scandal-plagued IT services group EOH Holdings has turned in a significant improvement in full-year results, with the total headline loss per share in the period ended 31 July 2020 reduced by 72%.
Suspicious payments flowed to a company owned by Johannesburg mayor Geoff Makhubo and to the ANC in the months directly before and after EOH landed major contracts with the city.
EOH CEO Stephen van Coller’s testimony at the Zondo Commission of Inquiry into State Capture inadvertently turned into a lecture on how corruption between the state and the public sector happens.
EOH Holdings CEO Stephen van Coller testified at the Commission of Inquiry into State Capture on Monday. Watch the testimony here, with visuals courtesy of SABC News.
EOH Holdings said in an investor update on Wednesday that it turned in a “resilient financial performance” in its third fiscal quarter and that it’s returned to a stable and cash-generative position.
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%.
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.
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.
Since their peak in 2016, shares in EOH – which describes itself as Africa’s largest technology service provider – have plunged by an eye-watering 97%. They have lost more than 50% in the value since 1 January alone.