4Sight Top Leadership Resigns as Firm Press Reset Button

Earlier this month, the share price of 4Sight tanked 24% to 16 cents after its chairperson of the audit and risk committee, Geoffrey Carter, quit due to an “untenable situation” at a major subsidiary level amid a board room battle.

4sight
4sight

The CEO and other executives of the troubled JSE-listed technology group 4Sight Holdings have resigned.

The company informed investors on Wednesday that CEO Vince Raseroka has resigned with immediate effect, having also tendered his resignation as an employee.

“To afford the reconstituted board the opportunity to allow for a smooth transition, Gary Lauryssen and Jason du Plessis will remain employed by the 4Sight Group. Tinus Neethling will remain in his current role as Telco Cluster head within the 4Sight Group,” the company informed investors.

Lauryssen, du Plessis and Neethling have also resigned at 4Sight with immediate effect.

The company announced it has appointed Tertius Zitzke as Acting-CEO and Eric van der Merwe as Acting Financial Director until such time as the 4Sight board and board committees are duly constituted for the confirmation of their appointment as permanent CEO and Financial Director.

The company said 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 ended 30 June 2019.

The board also appointed Eric van der Merwe, Marichen Mortimer, Johan Nel, Christopher Crowe, Andrew Murgatroyd.

Herman Singh, a former group Chief Marketing Officer at MTN Group and Managing Executive (Mobile commerce) at Vodacom, was also appointed to the board.

Earlier this month, the share price of 4Sight tanked 24% to 16 cents after its chairperson of the audit and risk committee, Geoffrey Carter, quit due to an “untenable situation” at a major subsidiary level amid a board room battle.

“Carter has resigned due to the untenable situation at a major subsidiary level, which has led to such subsidiary executives sending a variety of emails containing, inter alia, false accusations,” said 4Sight in a statement at the time.

4Sight warned shareholders in August that the board had received correspondence from a shareholder holding at least 5% of the voting rights in the company that required it to call a special meeting, the aim being to reconstitute the board.

For more read: 4Sight Holdings share price tumbles 24 percent

 

Leave a Reply