EOH CFO resigns

EOH Holdings chief financial officer Megan Pydigadu has resigned. She will leave the JSE-listed IT services group in three months’ time, at the end of October.

In a statement issued after markets closed in Johannesburg on Tuesday, EOH said Pydigadu is “taking up a position at a large South African company”. It didn’t specify which one, or which role she’ll be in.

“Megan has committed to close out the 2023 year-end audit and will therefore remain at EOH until 31 October,” it said.

“The board of directors has accepted the resignation and has started a process to identify an appropriate replacement… The board would like to thank Megan for her dedication and commitment over the past few years and the critical role that she has played in the restructuring of EOH and guiding it through an extremely challenging period in the company’s history.”

In the same statement, Pydigadu said her decision to leave was “not an easy one”.

“We have all as a team walked some very hard yards restructuring EOH over the past few years, culminating in the recent successful capital raise,” she said.

‘Crucial role’

“However, as the company transitions into a new growth phase, it is a good opportunity to bring fresh thinking and energy into the financial portfolio to see EOH through this next chapter. I look forward to my own new challenges, but I am fully committed to working alongside the team to facilitate a seamless transition in the finance function and group leadership,” she said.

EOH CEO Stephen van Coller said: “As group finance director, Megan has played a crucial role in rescuing EOH from the position it was in when she joined over four years ago. Her support, exemplary leadership and hard work during this journey have been invaluable.”

Read: Successful rights issue a ‘watershed moment’ for EOH

EOH earlier this year completed a successful rights offer, aimed at shoring up its balance sheet. Its share price has fallen by 69% in the past year, in part because of the dilutionary impact of the rights issue. It closed at R1.61/share, up 1c on the day. The market wasn’t able to trade on the news of Pydigadu’s resignation, however, as the statement from the company was issued 30 minutes after markets closed.  — (c) 2023 NewsCentral Media

Get TechCentral’s daily newsletter