Asher Bohbot has resigned as chairman of EOH Holdings, citing King IV compliance that states a former CEO should not serve as chairman of a company for a period of three years.
Bohbot, a founder of EOH, was CEO for 19 years.
He has resigned, effective 28 February, but will remain with the group in an advisory capacity until 31 July.
“I have confidence in EOH’s management and believe that the new strategy, which is in advanced stages of implementation, will be beneficial to all our stakeholders,” Bohbot says.
Also in compliance with King IV’s stipulation on board member independence, Rob Sporen, a founding member of EOH and non-executive director, will be resigning from the board after 20 years with the group, effective 28 February 2019.
Professor Tshilidzi Marwala, non-executive director, will be resigning from the board effective 28 February 2019 as well, after 11 years on the board.
Meanwhile, Tebogo Maenetja, HR executive director, will be resigning from the board effective 31 March 2019, to assume a senior executive position with a large international business.
In a separate announcement yesterday, EOH issued a cautionary statement regarding the cancellation of EOH’s Microsoft Channel Partner Agreement.
Shareholders are advised that the Microsoft investigation forms part of EOH’s larger internally-initiated investigation into all public sector contracts over the last five years, with the support of ENSafrica.
This process involves obtaining information from whistleblowers and the corroboration of internal facts as part of a thorough and detailed forensic investigation of these public sector contracts, it states.