RESTRUCTURING
Investors welcome EOH’s management changes
Zunaid Mayet’s decision to "relinquish" his tenure as CEO of EOH Holdings after just more than a year was met with approval by investors on Wednesday. They marked shares in the IT company more than 8% higher on the news that he would instead lead Nextec — one of the two independent businesses into which the group was splitting as part of a strategy it announced earlier in 2018. That split could be the prelude to a separate listing, although Mayet said it would have to make commercial sense to formally unbundle the division on which EOH appeared to have pinned its growth hopes. The original EOH ICT branded division will now be headed by Rob Godlonton. Surprise move Mayet, whose own appointment in May 2017 came as a surprise to the market after the sudden decision by founder Asher Bohbot to retire, had a torrid year presiding over a 79% collapse in EOH’s share price amid worsening results; fears over its cash position; its ability to continue growing by acquisition; and allegations of...
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