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Adcorp CEO resigns, company seeks 'substantive' exec for ‘next chapter’

Oct 09 2019 11:07
JSE,jse


The recruitment, outsourcing and training group Adcorp’s CEO Innocent Dutiro has resigned, with immediate effect.

He has been with the company for two years.  “The timing of Innocent’s departure has been driven by his desire to review his own career after giving two eventful years to the Group,” Adcorp [JSE: ADR] said in a statement.

Adcorp, which also owns brands like Paracon and Kelly, and has operations in Australia, recently warned that it will suffer a loss for the six months to end-August due to the weak state of the local economy and the drought and flooding in Australia, which hurt its agricultural recruitment operations there.

In its statement on Wednesday, the board said that it is “actively responding” to the poor trading update, and is searching for a "substantive CEO that will assist the Group with its next chapter".

"Key considerations would be a leader with strong service operational experience, with an emphasis on a strong people culture and client focus."

The board is also reviewing Adcorp's initiatives, with a view to prioritise them and ensure that the group is "not trying to do too many things concurrently".

Adcorp’s chief financial officer Cheryl-Jane Kujenga will serve as interim CEO. 

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