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Johannesburg - Technology group Altron [JSE:AEL] is shedding its family management structure as Craig Venter is set to step down, the company announced on Wednesday.
Craig Venter has been the group executive of Altron TMT, a business that focuses on telecommunications, multimedia and information technology (TMT) solutions.
Altron TMT is said to have a turnover of R19bn with over 8 000 employees in more than 20 countries.
Craig Venter has also been the chief executive officer of Altech within the Altron Group. Craig Venter is the son of Bill Venter, who founded Allied Electric around 50 years ago. Allied Electric has subsequently become the Altron Group, which is listed on the Johannesburg Stock Exchange.
“Shareholders are advised that following 27 years of service to the Altron group, 18 of which has been as an executive director of Altron, Mr Craig Venter has decided to leave the Altron group,” said Altron in a statement.
“While the Venter family will continue to exercise control over the Altron group by virtue of its 56% shareholding in Altron, the company and Craig have mutually agreed to the termination of his employment and directorships with effect from 31 July 2015 in order to allow Craig to play more of an oversight role in the Venter family’s private investments,” added the statement.
The exit of Venter comes after Altron earlier this month announced a review of
the group’s business strategy, which includes “transitioning from a family managed business to an independent management structure”.
The announced management structure changes came amid Altron having reported a profit before taxation of R89m, 90% below its previous figure of R895m in 2014.
Altron is also negotiating a sale of the subscriber base of its mobile network service provider business Altech Autopage.
