Tony Farah, who founded JSE-listed Spescom 30 years ago, has stepped down as the company's CEO. He is succeeded by current CFO, Jene Palmer.
Farah will remain with the company in the capacity of executive director until the conclusion of the current financial year on 30 September. During this time he will oversee a phased handover of the reins to Palmer.Farah says his departure has been planned over a period of 18 months during which time he has been mentoring Palmer to step into the role.
"Jene Palmer has been with Spescom for more than 11 years and has been an executive director of the company since 2003," Farah says. "During that time she has proven herself to be an exceptional asset. She is intimately familiar with every aspect of Spescom’s business and has been involved in the formation of our strategic planning over the years."
Farah says he has no regrets about "a fantastic thirty years" at the company.
"Spescom has brought world-first technologies to markets around the globe," he says. "We have also encountered difficult times, specifically with regards to our move into the US. It is gratifying to note that I am leaving Spescom as the company enters an upward cycle and with a new captain at the helm who will dynamically drive its growth from here on."
Palmer says her vision for the company is founded on its strategic positioning designed to capitalise on opportunities arising from the convergence of technologies.
"Spescom is well-positioned to deliver performance and shareholder value in the coming years," Palmer says."This can be attributed to the company’s knowledge and understanding of world technology markets and needs. As a result of this, our market profile has never been better."
Spescom has also announced that, in keeping with its transformation plans, Mutle Mogase will assume the role of non-executive chairman with immediate effect.
Mogase – a well-known figure in SA’s corporate finance world – has served as a non-executive director on Spescom’s board since 2003. He confirmed that he will also continue in his capacity as chairman of majority black-owned Vantage Capital.
Mogase replaces outgoing non-executive chairman, Jim Myers, who also remains on the board until the end of the current financial year.