MB Technologies co-founder Leo Baxter has sold his 45% stake in the company to Investec Bank for an undisclosed amount.
Baxter started Tarsus Technologies at the age of 25 and, with long-time friend and business partner Mike McGrath, went on to establish MB Technologies (MBT), which currently owns the Tarsus brand.
The founder has also stepped down as chairman, but will retain a seat on the board as a non-executive director. Baxter will spend a considerable amount of time overseas focusing on the next stage of his recovery, after sustaining a spinal injury during a polo game in mid-2007.
Royal Bafokeng Holdings (RBH) is still MBT's controlling shareholder, with a 55% stake that it acquired after buying out McGrath and Absa's 26% stake in mid-2006. RBH CFO Lucas Ndala, who already has a position on the board as a non-executive director, will take over the chairmanship.
Getting better
Baxter remained on MBT's board as a non-executive chairman, despite a severe spinal cord injury sustained in May 2007. He has been undergoing significant medical rehabilitation, which has resulted in him gaining movement in both his arms.
MBT CEO Glenn Fullerton says Baxter is now focused on achieving more body movement, which will involve time spent out of the country. As a result, he would be unable to attend all of MBT's board meetings, explains Fullerton.
Investec's stake will also result in the financial institution having board representation, which Fullerton says he expects to “assist the group tremendously”.
“We welcome Investec as a shareholder and believe their presence on our board of directors will add strategic value and strengthen our long-term growth strategy.”
Baxter retains a limited economic interest post the transaction through a profit participation agreement.
More changes
In addition to Baxter relinquishing his position, Hansie Fourie, who has been serving as Ingram Micro's MD since 2008, will leave the company.
Ingram Micro SA was formed three years ago as a joint venture between Ingram Micro and MBT. MBT has since bought out the international company's stake in the local venture. Since launch, it secured distribution rights for prominent brands such as Acer, Asus, Kingston, Microsoft, and Seagate.
Fourie says: “I joined Ingram Micro with a particular focus in mind: to acquire a few additional brand distributorships, to drive sales and customer acquisition, and to build up the staff complement to ensure the highest levels of service to Ingram Micro's chosen market segments.”
He explains that the “time has come for Ingram Micro to enter the next stage of its development, which will require a different type of leadership. I'll be with the company until the end of September to ensure a smooth transition to a new managing director.”
A new MD for Ingram Micro will be announced in due course.
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