SecureData is tight-lipped over the suspension of its chief operating officer and director Brett Parker.
The company issued a bare statement to shareholders at 16h30 on Friday afternoon, announcing that Parker has been suspended from the board and management of the company effective immediately.
A disciplinary hearing will be held in due course, the statement says.
However, feelings at the company appear to be mixed, with some employees saying Parker is one of its most capable managers.
Business Day polled company insiders, who believe Parker may be accused of non-performance after SecureData's recent profit decline.
The compan's profits last year declined to R8,9-million from R26-million the year before, even though revenues were well up from R148-milliom to R271-million.