EOH announced that two of their founding members and directors will be stepping down.
On Wednesday, EOH announced that chairman and founding member Asher Bohbot (pictured) has resigned.
Founding member Rob Sporen, non-executive director Tshilidzi Marwala and human resources executive director Tebogo Maenetja will also be stepping down.
This comes shortly after Microsoft terminated two contracts with an EOH subsidiary after an anonymous whistle-blower filed a complaint about alleged malfeasance, which resulted in a share price collapse of almost 30 percent.
The resignation of the four directors came on the day the members were up for re-election at the company’s annual general meeting. Now CEO Stephen van Coller is racing to restructure EOH and calm investors and lenders, with the support of newly appointed group finance director Megan Pydigadu.
Asher, who was previously the CEO of the company for 19 years, will be stepping down at the end of this month and remain on as an adviser until July 31.
EOH said that new directors will be appointed by the end of March.