South Africa's largest technology group EOH Holdings said on Wednesday its founder and CEO Asher Bohbot would resign from the board, effective February 28.
The resignation of Bohbot, who has been at the helm for 19 years, comes days after Microsoft terminated its channel partner agreement with EOH Mthombo, a unit of EOH.
EOH, which announced more board changes, did not give a reason for Bohbot's exit from the board in its statement.
Shares of the information technology company have plunged over 45% since Microsoft scrapped the agreement on February 12.
"I have confidence in EOH's management and believe that the new strategy, which is in advanced stages of implementation, will be beneficial to all our stakeholders," said Bohbot.
EOH said last week that Microsoft had not officially provided any confirmation for the termination of the agreement and EOH had launched an investigation to look at historical licensing contracts in the public sector space.