EOH appoints Xolani Mkhwanazi to oversee turnaround and cleanup
Technology group EOH, whose shares have slid 88% since late 2016 on governance concerns, has appointed Xolani Mkhwanazi as its new chairman.
Mkhwanazi, who has taken over with immediate effect and replaces EOH co-founder Asher Bohbot, was chairman of BHP Billiton in SA from 2008 to 2015. He is also a former CEO of Bateman Africa and SA’s national electricity regulator.
“His track record of providing courageous leadership in challenging business environments, coupled with his commitment to sound corporate governance, were key drivers for his appointment,” said EOH CEO Stephen van Coller.
Van Coller has led a probe into EOH’s past contracts with the state since he took the helm in September 2018. One public-sector contract is said to be the reason Microsoft cut ties with EOH earlier in 2019.
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EOH said Mkhwanazi would lead board deliberations on the findings of an investigation into public-sector contracts being undertaken by ENSafrica.
“Having been presented the preliminary findings, Mkhwanazi and the board will assess these, ask for such additional work as may be required, and engage with relevant stakeholders where appropriate,” the group said.
“I am impressed by the way new management is tackling legacy issues and also by their clear vision for our future,” Mkhwanazi said. “I believe the more than 11,000 staff members deserve transparent leadership and I am looking forward to the challenge.”