DURBAN – Adcorp Holdings share price slid by more than 4 percent on the JSE yesterday after the global workforce solutions company announced the resignation of its chief executive, Innocent Dutiro, with immediate effect.
Adcorp shares closed 4.32 percent lower at R15.50 on the JSE on Tuesday.
“The timing of Dutiro’s departure has been driven by his desire to review his own career after giving two eventful years to the group,” Adcorp said.
Adcorp said on Tuesday that Dutiro had led the group through the first phase of a strategic turnaround that achieved notable successes, including the repositioning of the Adcorp brand.
Dutiro joined Adcorp exactly two years ago and he soon implemented a turnaround strategy for the group, which involved: reducing costs, improving working capital management, unlocking cash generation and strengthening the balance sheet.