IT service management company EOH announced on Monday that its founder and chief executive Asher Bohbot, will be stepping down at the end of June 2017 after 19 years at the helm.
The move is part of a wider board reshuffle and succession planning process for the group’s leadership, EOH said in a statement to shareholders.
Zunaid Mayet who previously worked as chief executive of the EOH Industrial Technologies division will replace Bohbot as Group CEO. Mayet has been with EOH for eight years and has had experience within the industry, having worked at a global technology engineering group previously.
According to the statement Bohbot will be taking a six month sabbatical and will serve as an adviser during this time. Bohbot will rejoin the board as a nonexecutive director following his sabbatical.
Other changes indicate that chief executives of divisions at EOH will now join the executive board of directors. Five new executive directors were announced, four of which are CEOs of divisions.
Two directors have stepped down and will continue to serve in leadership roles in the business.
EOH's share price reacted negatively to the news and gave up almost 4% to trade at R129 by 10:33 on the JSE.