Craig Venter will resign as CEO of Altron TMT and as an Altron director, effective 31 July 2015.
He has worked for the group, founded by his father Bill Venter, in various positions for the last 27 years.
Altron unveiled a new group strategy earlier this month in which it announced that it will transition from a family managed business to an independent management structure. The Venter family will remain a committed shareholder and will retain its 56% shareholding in Altron.
Commenting on his decision, Craig Venter says that while he will step down as leader of the Altron TMT Group, which includes the Altech and Bytes group of companies, he will continue to be involved in the business and play more of an oversight role for the family’s investments rather than being directly involved in the day-to-day operational management of the business.
“The Venter family is the majority shareholder in Altron and I am committed to the group. I have dedicated my life to this business and I will remain involved in the business as part of the Venter family, to ensure the continued success of my father’s legacy. My experience, relationships and guidance will not be lost to the group.”
According to Robbie Venter, chief executive of Altron, Craig has played an integral part in the success of the group.
“The Venter family and the Altron board are pleased to acknowledge Craig’s significant contribution to the group during the past 27 years. He has dedicated most of his life to the quest of growing Altron, through Altech and Altron TMT, to the company it is today and we thank him for his leadership and loyalty over this time. Of course Craig will still be indirectly involved in Altron through the family shareholding, albeit in a non-operational role.”
Going forward, Altron will focus on selling off some non-core assets and entering into equity and technology agreements with some international partners.
In terms of succession details, the group will make further announcements in due course.