Adrian Bock, who helped steer Ellies Holdings back to profits, has resigned as chief financial officer and joint CEO of the lighting and electronic products group. Ellies, which has fallen firmly into penny-stock territory, will report its first annual profit in four years in July, according to the company’s recent trading statement. Successive losses weighed heavily on the company’s share price, which plummeted from highs of nearly R10 in 2013 to just 15c in mid-2017. The company’s share has recovered slightly since then, closing 3% down for the day at 29c on Monday. Bock, who has been with the company for two years, would step down from his dual role with effect from December 31, Ellies said on Monday. He had been "an instrumental part of the team that implemented the company’s turnaround strategy". "Now that the company has returned to a profitable course and the appointment of a new CEO is imminent, Adrian has decided to return to the UK to pursue new interests." He would be "av...

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