Founder Asher Bohbot resigned as chairman of EOH as part of a governance overhaul at the technology group that has seen its share price plummet following graft allegations. The share price has dropped more than 90% from its highs less than three years ago, a slide that became steeper the past week after reports that Microsoft cut ties with the company due to an allegedly corrupt contract with SA’s department of defence. On Wednesday the share price jumped almost 13% to close at R16.47 as the markets reacted to Bohbot's resignation. Along with Bohbot, fellow founder Rob Sporen and two other directors — non-executive Tshilidzi Marwala and head of human resources Tebogo Maenetja — will also step down from the board at the end of February.

Bohbot initially stepped down as EOH CEO in June 2017 but returned nine months later as chairman to steady the ship as some investors lost confidence in the leadership due to a succession of bad news, including allegations of corruption related ...

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