Ayo Technology CEO Kevin Hardy and chief investment officer Siphiwe Nodwele resigned with immediate effect on Friday morning. The departure of Hardy and Nodwele from the recently listed investment vehicle of Independent Media proprietor Iqbal Survé came two days after Ayo announced a board reshuffle. Ayo CFO Naahied Gamieldien will be acting CEO until a permanent appointment is made, the company said in Friday’s statement. On Wednesday, Ayo announced the resignations of directors Khalid Abdulla, Walter Madzonga, Telang Ntsasa and Mbuso Khoza. They were replaced by Wallace Mgoqi, Dennis George, Sello Rasethaba and Rosemary Mosia. On August 6, Ayo and African Equity Empowerment Investments (AEEI) — which is about 40% owned by Survé — issued a joint statement saying a proposed related party transaction had been indefinitely delayed. A probable reason for the delay was closer scrutiny of the deal by the Public Investment Corporation (PIC). The PIC came under heavy criticism for buying 2...

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