JSE-listed technology company Altron has announced that Group Chief Executive Mteto Nyati will step down on June 30, 2022.
Altron said the decision was based on Nyati’s search for a new challenge.
He is nearing the end of his five-year tenure with the Altron Group and has contributed to an approximately six-fold increase in shareholder value, according to the company.
Nyati led Altron’s transition from a family owned and operated company to an independent business entity and was instrumental in the achievement of several strategic initiatives, Altron said.
This included building and growing a core ICT portfolio and transforming Altron from a diversified technology group into a trustworthy information technology service company.
Nyati was instrumental in completing a number of additional acquisitions during his tenure, including EZY2C in Australia, Phoenix Software in the UK and Karabina, and Ubusha and LAWtrust in South Africa.
After the successful demerger, unbundling and separate listing of Bytes Technology Group plc in 2020, the companies now have a combined market capitalization of over R30 billion.
The Altron Board of Directors thanked Nyati for his “visionary and inspiring leadership and contribution to Altron and its shareholders”.
Altron said its nominations committee has started the process of identifying and appointing a successor.
The board wished Nyati all the best in his future endeavors and said they look forward to his further contribution before his departure.