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%.
Browsing: Stephen van Coller
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.
In a pre-closing update ahead of the publication of the group’s interim financial results for six months to end-January 2020, EOH signalled that it’s slowly turning the corner, operationally at least.
Shares in the JSE-listed technology group plunged to levels last seen more than 10 years ago on Wednesday as investors continued to fret about its prospects.
EOH Holdings chairman Xolani Humphrey Mkhwanazi has passed away, the JSE-listed technology group said on Monday.
EOH is in the cross-hairs of shareholders over executive pay, with an astonishing 65% of shareholders voting against the group’s remuneration policy and its implementation at Thursday’s AGM.
EOH has blacklisted 50 “enterprise development” partners and intermediaries and reported suspected criminal behaviour to authorities for investigation and possible prosecution as it continues a clean-up of its operations.
EOH Holdings plans to sell a further R1-billion of non-core businesses in 2020 as it reorganises and reduces debt.