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EOH shareholders approach board over succession plan

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EOH interim CEO Andrew Mthembu

JSE-listed EOH Holdings said on Friday that it has been approached by “certain shareholders” regarding a “succession plan for the EOH board”.

It advised shareholders that they should exercise caution when dealing in EOH shares while it engages further with the unnamed shareholders.

The statement provided no further insight.

Friday’s cautionary notice to shareholders comes just six weeks after the exit of CEO Stephen van Coller

Earlier in the day, EOH announced that independent non-executive director Jesmane Boggenpoel had resigned with immediate effect. It didn’t say why she was leaving.

Friday’s cautionary notice to shareholders comes just six weeks after the exit of CEO Stephen van Coller, who had led a turnaround effort at the IT services group after it became embroiled in a series of public sector corruption scandals.

EOH chairman Andrew Mthembu stepped in as interim CEO on 1 April, pending the appointment of a full-time executive to replace Van Coller. At the time, EOH said Mthembu would be in the hot seat for up to six months, after which he would return to a non-executive role.

Andrew Marshall

EOH also recently announced the appointment of Andrew Marshall as lead independent non-executive director from 1 April.

In that role, Marshall will provide “essential checks and balances, safeguarding effective governance at the board level, thereby ensuring that the board continues to operate effectively, discharges its responsibilities objectively and remains a custodian of good corporate governance”, EOH said about his appointment.  – © 2024 NewsCentral Media

Read next: EOH profits sink as Stephen van Coller exits the building

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