Johannesburg - JSE-listed technology group Altron said on Tuesday that it had appointed outgoing MTN South Africa chief executive Mteto Nyati as its next chief executive.
The company said Nyati would take over the reins by no later than July 1. The appointment marks a final chapter move for the 50-year-old company from being a family-run business. Nyati would be replacing outgoing chief executive Robbie Venter, whose father Bill Venter founded the company and served as its chairperson until December when the group underwent an ownership overhaul.
Altron chairperson Mike Leeming said Nyati’s expertise would prove to be valuable to the company and that the board expected a smooth transition period. “Nyati has extensive experience in both the business-to-business and business-to-consumer markets.
"We are extremely pleased to have him on board and are confident that he, the board and Robbie will work well together during the handover phase,” Leeming said.
In December, Altron announced that it planned to introduce a new partner and collapse its control structure which would result in the Venter family's absolute control of the company coming to an end.
Prior the deal, the Venter family held 57 percent of Altron’s voting rights through various controlled entities. After the transaction, these voting rights would be diluted, Altron said in December.
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The new partners, Value Capital Partners (VCP), invested R400 million in the company. VCP is run by former Brait executives Antony Ball and Sam Sithole and would hold a 15 percent stake in the company.
Nyati said it was important for a company such as Altron to stay ahead of the curve in the ever-changing information technology and telecommunications industry.
Meanwhile, MTN wasted little time in naming Nyati’s successor. The group said Godfrey Motsa would take over as MTN SA chief executive with effect from March 13.
Executive chairman of the MTN Group, Phuthuma Nhleko, wished Nyati well in his new role.