Marius de la Rey has resigned as interim CEO and executive director of iOCO, formerly known as EOH, effective 14 February.
The JSE-listed technology services company made the announcement yesterday in a trading update on the Stock Exchange News Service (SENS).
iOCO also announced the appointment of joint CEOs and executive directors, Rhys Summerton (currently a non-executive director and chairman of the Audit and Risk Committee) and Dennis Venter (currently a non-executive director and chairman of the Remuneration and Nomination Committee), effective 14 February.
De la Rey served as interim CEO following the departure of Stephen van Collar last year.
“The board of directors expresses its gratitude to Marius for his contributions and leadership during his tenure within the group from when he joined the group in 2019, and then as group interim CEO from May 2024,” says the company.
It notes that Summerton will be directly focused on capital allocation decisions and group strategy, while Venter will focus on revenue generation initiatives.
Both joint CEOs will work closely with existing group CFO and executive director Ashona Kooblall and the existing management team of iOCO.
Summerton and Venter joined the board in May 2024 and have been instrumental in various turnaround initiatives as part of the board’s restructuring committee, the company adds.
“The board extends its best wishes to Rhys and Dennis for success in this next chapter with iOCO,” it states.
Chairman of the board Jabu Moleketi says: “This leadership transition marks an exciting new phase for iOCO as we continue to strengthen our position as a market leader in technology services.
“Rhys and Dennis bring a wealth of experience and a shared vision for innovation, growth and operational excellence. They will complement our deep and experienced bench of technology leaders, and we are confident this combined expertise will drive iOCO’s strategic objectives forward, delivering value to our clients, shareholders, employees and stakeholders.
“The board remains fully committed to iOCO’s long-term strategy, which prioritises enhanced client delivery, ethical governance, sustainability and performance. We are optimistic about the future and believe these changes will further solidify market confidence in iOCO’s growth trajectory.”
iOCO notes that due to their new executive roles, Venter’s chairmanship and membership of the Nominations and Remuneration Committee will terminate with effect from 14 February. Similarly, Summerton’s chairmanship and membership of the Audit and Risk Committee will terminate with effect from today.
Accordingly, shareholders are advised of the new composition of the following board committees:
Remuneration and Nomination Committee: Andrew Marshall (chairman), Jabu Moleketi and Veronica Motloutsi.
Social and Ethics Committee: Veronica Motloutsi (chairman), Jabu Moleketi and Dennis Venter.
A further announcement in respect of the reconstitution of the Audit and Risk Committee will be made in due course, says iOCO.
iOCO is currently finalising its financial results for the six months ended 31 January (‘HY2025’) which are expected to be released on SENS on 2 April.
Earnings per share is expected to be between 18 cents and 21 cents, which is an improvement of between 220% and 240% from the loss per share of 15 cents reported for the comparative six months ended 31 January 2024.
Headline earnings per share is expected to be between 19 cents and 21 cents, which is an improvement of between 270% and 290% from the headline loss per share (HLPS) of 11 cents reported in HY2024.
“We extend our gratitude to our 4 500 dedicated employees and stakeholders for their ongoing support throughout the first half of FY25. This period has marked a significant turnaround phase for the group,” says the company.
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