EOH’s founder and former CEO Asher Bohbot is returning on a full-time contract "to focus on strategy and stakeholder management", the computer group said in a statement on Wednesday morning.
In May, EOH announced a restructuring that included Bohbot being replaced by the CEO of the group’s industrial technologies division, Zunaid Mayet, as overall CEO.
"The intention was always that Asher would return at the end of his six-month sabbatical, having stepped down as CEO in May this year. Asher brings extensive experience and depth of knowledge to the business, which will be extremely valuable, so I’m most grateful that he’s agreed to join us for a period on a full-time basis," Mayet said in Wednesday’s statement.
When EOH announced its management reshuffle in May, it said Bohbot would rejoin its board as a nonexecutive director after his sabbatical.
Bohbot’s return follows a turbulent week during which EOH’s share price plunged 11% on December 6 and then a further 35% on December 7.
On Monday, it issued a statement saying the dive in its share price was due to its finance director John King and executive director Jehan Mackay being forced to sell R143m worth of shares they had acquired "on margin".
Mackay, the head of EOH’s public services business, was one of five of the group’s divisional heads who were appointed executive directors in May’s restructuring.
EOH’s share price continued its rebound on Wednesday morning, rising as much as 8.5% to R53.19.