JSE-listed Allied Electronics (Altron) is preparing to appoint a new independent CEO after Telecommunications, Multimedia and Information Technology (TMT) CEO and director Craig Venter steps down, effective July 31.
The departure of Venter, who had been with the family-run group for 27 years, followed recent announcements by Altron group CEO Robbie Venter that the company would transition from a family managed business to an independent management structure.
Despite giving up his role as an Altron group executive and resigning from various Altron directorships, Craig Venter would remain an indirect part of the Altron group through the family’s 56% shareholding.
He described his altered involvement in the business as taking more of a nonoperational “oversight” role with regard to the family’s investments, rather than operational day-to-day management.
“The foundations of Altron TMT are good and I am confident that the business will continue to build on these successes, now and into the future,” Craig Venter concluded.