Johannesburg - The chief executive of AdvTech Ltd stepped down on Monday after only seven months at the helm following a disagreement with the board of the private education firm, the interim CEO said.
Leslie Maasdorp was appointed CEO last August after four years as chairman. His predecessor Frank Thompson was recalled from retirement to become interim CEO.
“There were differences of opinion and that led to the decision on the parting of ways,” Thompson said in conference call but declined to give further details, saying the terms of Maasdorp’s departure were confidential.
“I leave AdvTech with a heavy heart,” Maasdorp said in a statement, without elaborating.
AdvTech, which also runs tertiary education institutions, reported a 7 percent rise in annual headline earnings per share to 41.3 cents, helped by strong showing at is schools unit.
The company, along with rival Curro Holdings, is betting on growing demand from parents unhappy with the public education system in Africa's second-largest economy.
It spent nearly R2 billion in the fiscal year to the end of March buying schools and adding more classes to its existing institutions.
Shares in AdvTech were little changed at R9.03 by 08h14 GMT, recouping all the losses after falling more than 2 percent to a session low of R8.70.
Reuters