Hedberg had the wrong mindset for Altech – CEO
Maker of TV set-top boxes, Allied Technologies’ (Altech’s) CEO Craig Venter told Moneyweb that former Telkom and Cell C CEO Jeffrey Hedberg resigned as chief operating officer (COO) of Altech because he underestimated the role.
Hedberg resigned almost seven months into the job, after considering his options in December, says Venter.
The news saw Altech’s share price fall 5% on Friday.
Hedberg reported directly to Venter and was responsible for the operational leadership of Altech’s 33 operating companies.
Venter told Moneyweb that “we came to a mutual agreement after consultations with the board that he would leave”.
“He underestimated the role of COO, as he was use to a CEO role, without constraints having been in that position at Telkom and Cell C. He never had to respond to a CEO”, adds Venter.
He was use to an environment where he could operate with billions of taxpayers’ money, this was not the case at Altech, says Venter.
Cell C was unprofitable for years, this was not the same with Altech. You need to look at debtors, we don’t have R26bn to invest, you need to count the cents, build shareholder value – it is a different mindset to what he was use to – he was use to being at the top, says Venter.
Moneyweb was told that Hedberg is unavailable for comment.
Hedberg’s responsibilities will be managed by Venter and divisional executives until a replacement is found.
Venter said he will not rush the decision on who to appoint as COO, but was leaning towards an internal candidate.
Hedberg has been in the ICT industry for more than 20 years, with experience and expertise that spans fixed and mobile telecommunications, mergers and acquisitions, international expansion and vendor engagement.
Source: Moneyweb
Loading ...