By Philippa Larkin for IOL
JSE-listed technology company Altron yesterday said chief executive Mteto Nyati would step down from his role, effective 30 June.
Altron said its Nomination Committee had started the process to identify and appoint a successor.
“This decision was informed by Nyati’s impending completion of a five-year term with the Altron Group, his successful contribution to increasing shareholder value by approximately six times during his tenure, and his search for a new challenge,” the company said.
Nyati, who led Altron’s transition from a family-controlled and managed business to an independent corporate entity, contributed significantly to the achievement of several strategic initiatives at Altron. These included establishing and growing a core ICT portfolio and transforming Altron from a diversified technology group into a trusted information technology services company.
Alton said he was instrumental in finalising a number of bolt-on acquisitions during his tenure including EZY2C in Australia, Phoenix Software in the UK and Karabina, Ubusha and LAWtrust in South Africa.
Following the successful demerger, unbundling and separate listing of Bytes Technology Group during 2020, the businesses now had a combined market capitalisation in excess of R30-billion.
The Altron board extended its sincere gratitude to Nyati for his “visionary and inspirational leadership, and his contribution to Altron and its shareholders”.