Mteto Nyati is stepping down as group CEO of JSE-listed technology company Altron, effective June 30.
In an update to shareholders, Altron noted that the decision was informed by Nyati’s impending completion of a five-year term with the Altron Group, his successful contribution to increasing shareholder value by about six times during his tenure and his search for a new challenge.
Altron’s Nomination Committee has started the process to identify and appoint a successor.
Nyati led Altron’s transition from a family-controlled and managed business to an independent corporate entity and contributed significantly to the achievement of several strategic initiatives at Altron.
These included establishing and growing a core information and communication technology portfolio and transforming Altron from a diversified technology group into an information technology services company.
“He was instrumental in finalising a number of bolt-on acquisitions during his tenure including EZY2C in Australia, Phoenix Software in the UK and Karabina, Ubusha and LAWtrust in South Africa,” the company said in the statement, released on January 11.
Following the successful demerger, unbundling and separate listing of Bytes Technology Group in 2020, the businesses now have a combined market capitalisation in excess of R30-billion.
“These and other strategic initiatives driven by Nyati resulted in a doubling of the group’s earnings before interest, tax, depreciation and amortisation prior to the demerger and unbundling of Bytes UK. He was responsible for the establishment of a values-based culture centred on customers, employees and good governance, which also improved Altron’s societal impact.”
The Altron board extended its sincere gratitude to Nyati for his visionary and inspirational leadership, and his contribution to Altron and its shareholders, wishing him well in his future endeavours.