Boardroom Battle: Technology group 4Sight surges as 7 directors picked to stabilise board
Companies / 31 October 2019, 11:30am / Sandile Mchunu
DURBAN – JSE-listed technology group 4Sight Holdings' share price surged by more than 25 percent after the group appointed seven directors to stabilise its board following the resignation of four directors amid a boardroom battle on Tuesday.
The company has now appointed Tertius Zitzke as an interim chief executive and Eric van der Merwe as an acting financial director.
Early in the month, the group was dealt a heavy blow with the stock tumbling by 24 percent after its chairperson of the audit and risk committee, Geoffrey Carter, quit due to an “untenable situation” at a major subsidiary level amid a boardroom battle.
The reconstituted board consists of two executive directors and five independent non-executive directors.
This follows the resignation of four directors on Tuesday – Vincent Raseroka, Gary Lauryssen, Jason du Plessis and Tinus Neethling.
The group said Raseroka would be leaving 4Sight with immediate effect, having also tendered his resignation as an employee.
“To afford the reconstituted board the opportunity to allow for a smooth transition, Lauryssen and Du Plessis will remain employed by the 4Sight Group. Neethling will remain in his current role as Telco Cluster head within the 4Sight Group,” the group said.
4Sight added that in compliance with the company's constitution, two additional directors, who are ordinarily resident in Mauritius, were still to be appointed.
“The reconstituted board will prioritise these further board appointments and a further announcement will be made on these additional board appointments being affected,” the group said.
In another development within the group, Jaco Botha and Rudi Dreyer had agreed not to pursue their appointment to the 4Sight board in order to allow for a better board balance in terms of King IV and had accordingly withdrawn their consent to act as directors.
“Dreyer and Botha will remain in their current roles as mining, manufacturing, chemicals and energy cluster head and managing director of SET within the 4Sight Group, respectively,” the group said.
Zitzke and Van der Merwe would act in their positions until such time as the 4Sight board and board committees were “duly constituted for the confirmation of their appointment as permanent chief executive and financial director”.
“The outgoing financial director, Jason du Plessis, will continue to assist the 4Sight Group with the finalisation of the interim results for the six months to end June,” the group said.
The share price rose 25 percent to 20 cents a share on the JSE yesterday, up from Tuesday’s closing price of 16c.