{"id":540713,"date":"2024-06-12T09:15:37","date_gmt":"2024-06-12T07:15:37","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=540713"},"modified":"2024-06-12T09:16:36","modified_gmt":"2024-06-12T07:16:36","slug":"another-blow-to-eoh","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/it-services\/540713-another-blow-to-eoh.html","title":{"rendered":"Another blow to EOH"},"content":{"rendered":"

EOH CFO Marialet Greeff has resigned after four months on the job, which is the latest blow to the struggling IT service provider.<\/p>\n

Greeff\u2019s departure means that EOH has lost its whole top management team twice in less than a year.<\/p>\n

She was appointed interim chief financial officer on 1 November 2023 after former CFO Megan Pydigadu left the company.<\/p>\n

In February 2024, EOH announced that it had appointed chairman Andrew Mthembu as interim CEO and Greeff as permanent chief financial officer.<\/p>\n

This did not last long. Last month, EOH announced that Andrew Mthembu has resigned as a director, executive chairman, and interim CEO.<\/p>\n

Fatima Newman also stepped down as an executive director but remained in her capacity as EasyHQ chief executive.<\/p>\n

Less than a month later, on 11 June, EOH announced that Greeff resigned as chief financial officer with effect from 30 September 2024.<\/p>\n

The EOH board said it had started a process to identify an appropriate replacement for Greeff as CFO.<\/p>\n

\u201cShareholders will be advised of the appointment of a new group finance director in due course,\u201d it said.<\/p>\n

Greeff\u2019s resignation is the latest blow to the EOH, which used to be one of Africa\u2019s largest and most respected IT service providers.<\/p>\n

Despite its challenges, it remains a prominent player in local consulting, IT services, software, industrial technologies, and business process outsourcing sectors.<\/p>\n

However, it has suffered financially because of its historical debt burden, reports of corruption and mismanagement, and poor corporate governance.<\/p>\n

Former CEO Stephen van Coller addressed many of these problems. However, it also cost the company some of its most profitable business units.<\/p>\n

Van Coller sold many of EOH\u2019s business units, including Sybrin, CCS, and LSD, and used this money to reduce debt.<\/p>\n

EOH also raised R600 million through a R500 million rights issue and a R100 million BBBEE deal in early 2023.<\/p>\n

The proceeds of the February 2023 capital raise were used to settle the majority of EOH\u2019s senior bridge facility.<\/p>\n

Van Coller, with Pydigadu as his right-hand woman, significantly reduced the company\u2019s debt and improved corporate governance at EOH.<\/p>\n

\"Stephen<\/a>

Former EOH CEO Stephen van Coller<\/p><\/div>\n

After the successful rights issue, Van Coller and Pydigadu announced that EOH 2.0 was here and that it was ready for growth.<\/p>\n

They felt that the company needed new blood to lead its new growth phase, so they resigned and left, leaving a leadership vacuum.<\/p>\n

EOH 2.0 failed to meet expectations, and shareholders experienced significant wealth destruction.<\/p>\n

On 10 May 2024, EOH announced<\/strong><\/a> that it \u201chad been approached by certain shareholders regarding the succession plan for the EOH board\u201d.<\/p>\n

It said it was engaging further with the shareholders and would make an announcement soon.<\/p>\n

That announcement came on 31 May 2024, when EOH announced sweeping changes to the board.<\/p>\n

It replaced Mthembu as interim chief executive and chairman and announced that Jabu Moleketi was the new chairman.<\/p>\n

The EOH board appointed Marius de la Rey, the current chief executive officer of the company\u2019s largest segment, iOCO South Africa, as interim CEO.<\/p>\n

Greeff was the last remaining part of EOH\u2019s top executives, which means her departure signals the second complete change to the exco team.<\/p>\n

EOH is now looking for a permanent chief executive officer and chief financial officer.<\/p>\n","protected":false},"excerpt":{"rendered":"

EOH CFO Marialet Greeff has resigned after four months on the job, which is the latest blow to the struggling IT service provider.<\/p>\n","protected":false},"author":23,"featured_media":469825,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49317],"tags":[59781,6428,35,90100,55940,37913,42042],"class_list":["post-540713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-ccs","tag-eoh","tag-headline","tag-marialet-greeff","tag-megan-pydigadu","tag-stephen-van-coller","tag-sybrin"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/540713"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=540713"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/540713\/revisions"}],"predecessor-version":[{"id":540719,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/540713\/revisions\/540719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/469825"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=540713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=540713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=540713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}