EOH CEO Receives Stock Award Worth R19 Million

The company used to be the darling of the JSE, delivering record earnings. The stock has tanked 60% year-to-date and dropped 24% in the past 90 days.

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Stephen van Coller,
Stephen van Coller, EOH CEO

Stephen Van Coller, the CEO of JSE-listed technology services group, has been granted shares valued close to R20 million.

The company’s granted van Coller 1 million shares, which may signal the board’s confidence in the new CEO.

The 25% of the share options award will vest after two years, with 25% vesting every year thereafter for a period of three years is worth R19 million, the JSE-listed firm informed investors on Monday morning.

Three months ago, van Coller was appointed as CEO of EOH.

Van Coller’s appointment followed the announcement of 27 June 2018 that EOH is pursuing its new strategy, which is centred on reconfiguring the group into two distinct and independent businesses, each with its own CEO, unique brand and identity, business model, growth and go-to-market strategies, namely EOH and NEXTEC.

Last month EOH Group, which provides services to over 5 000 large enterprise customers across all major industries,  reported an 8% rise in normalised revenue to R16.2 billion for the year to end-July 2018.

At the time of the results publication, van Coller pledged to take a series of steps to fix the business and ensure it retains the entrepreneurial and innovative spirit that has made the group the most successful ICT business in Africa.

In December the JSE-listed technology services group, which employs more than 11 500 people, announced that forced stock sales as a result of margin calls involving two directors caused a 35% drop in its share price.

The company used to be the darling of the JSE, delivering record earnings. The stock has tanked 60% year-to-date and dropped 24% in the past 90 days.

Its troubles started when the founder and CEO Asher Bohbot suddenly resign in May and new CEO Zunaid Mayet had a torrid time. He was later replaced by Van Coller, a former MTN executive.

Van Coller is driving the revival of the company, which is now valued at R5.7 billion.

“(I) am committed to partnering with all stakeholders to grow the company both transparently and sustainably,” Van Coller informed investors.

For more read: EOH CEO Stephen Van Coller Outlines Steps To Fix The Company

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