Marius de la Rey is stepping down as interim CEO of iOCO, the JSE-listed IT companies group that was till just lately recognized as EOH Holdings.
iOCO introduced De la Rey’s resignation on Thursday alongside a buying and selling replace through which it stated expects as much as a 290% enchancment in headline earnings per share (Heps) for the six months to end-January 2025 in comparison with the identical interval a 12 months in the past. The shares leapt 11.5%.
De la Rey, who was appointed as interim CEO following the departure final March of Stephen van Coller, can even step down from the board. Each adjustments are efficient instantly.
Changing De la Rey are newly appointed joint CEOs and govt administrators Rhys Summerton, who’s at the moment a non-executive director, and Dennis Venter, additionally a non-executive on the board.
“Rhys will likely be instantly centered on capital allocation selections and group technique whereas Dennis will deal with revenue-generation initiatives,” iOCO stated.
“Each joint CEOs will work carefully with present group chief monetary officer and govt director Ashona Kooblall and the present administration crew of iOCO Restricted. Rhys and Dennis joined the board in Might 2024 and have been instrumental in varied turnaround initiatives within the firm as a part of the board’s restructuring committee,” it stated.
Shares soar
On its upcoming interim outcomes, which it expects to publish on 2 April, iOCO stated Heps will probably rise by between 270% and 290%, or between 19c and 21c.
Learn: EOH Holdings to be renamed
iOCO’s share worth has risen sharply previously 12 months on the expectation of a turnaround. As much as Wednesday’s market shut, excluding Thursday’s 11.5% bounce, the shares had added 143% previously 12 months. – © 2025 NewsCentral Media
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