Founder and CEO of Faritec, Simon Tomlinson has resigned from the embattled IT company with immediate effect.

In a statement issued today, Faritec says: "Shareholders are advised that Simon Tomlinson has resigned as chief executive officer of Faritec with immediate effect. Simon will remain at the company for a three month notice period and has agreed to be available for a further three months in order to ensure an orderly handover.
"As an interim measure, the board has appointed current non-executive chairman, Chris Jardine, as executive chairman, to manage and oversee the company`s business until the transaction with Shoden Data Solutions is approved,
or a new CEO is appointed, whichever occurs soonest."
Shoden last month secured a controlling interest in Faritec through a R29-million loan which would be converted to equity. The Shoden loan followed a R15-million bridging loan Faritec secured through a rights issue.