JSE-listed Jasco Electronics CEO Mark Janse van Vuuren has resigned, effective May 31, after a restructure.
Deputy chairperson alternate Pete da Silva will serve as interim CEO as the board evaluates potential successors.
Janse van Vuuren aims to pursue new interests after 12 years with the group and, more recently, the successful completion of a restructuring and repositioning programme for the company and its subsidiaries.
As part of his planned exit, he will continue to assist the board and the executive management on a consultancy basis with certain key strategic projects until September 30.
“Under his leadership significant progress was made in driving to resolution a number of complex matters the company faced,” the company said in an update to shareholders on May 29.
The board is expected to make an announcement on the new CEO in the next few months.
Meanwhile, the group is continuing to monitor and assess the impact of the Covid-19 lockdown on its businesses.
While Jasco points out that it is still too early to estimate the full impact on the group's operations and financial information, various employee and customer safety measures and business continuity plans have been implemented.
“The business units have been impacted to varying degrees but have been able to mitigate the impact to various extents through implementing the work from home policies,” the company said.
The company continues to monitor both the operational and the financial impact that the pandemic will have on the group’s results.
Jasco will release a guidance as soon as reasonable certainty is obtained of the financial impact on the next financial reporting period, it noted.
“The group continues to focus on cost containment measures and closing out the disposal of the Electrical Manufacturers business to assist with navigating this challenging period while also seeking out new opportunities owing to the changing environment.”
While all the conditions precedent to the disposal have been fulfilled, the closing date of the deal had been extended from the initial date of May 2 to June 26 as the pandemic delayed the completion of the audit of the effective date financial statements and the registration of bonds at the deeds office by the purchaser.
The total proceeds are expected to flow by June 30.