Etion’s Outgoing CEO Teddy Daka Appointed Chairman

Teddy Daka
Teddy Daka

The outgoing boss of Etion, Teddy Daka, has been appointed as the non-executive chairman of the struggling JSE-listed company.

The appointment is effective from 1 February 2021.

The diversified digital technology company announced earlier this month that Daka has resigned as CEO of the group.

His resignation is effective from 31 January 2021.

Daka replaces Dr Snowy Khoza, the chairman of the group, who will resign on 31 December 2020 from the diversified digital technology company.

The company also announced the appointment of Nerishini Naidoo as the Group Chief Financial Officer with effect from 1 February 2021.

The JSE-listed firm attributed the decision by Daka to step down as CEO after a strategic decision by the board to dispose of its various operating subsidiaries/divisions. For more read: Teddy Daka’s Etion Explores Asset Sale to Create Shareholder Value

The company announced end of October 2020 that it is considering selling off business units to create shareholder value for its investors.

At the time of the announcement, the company did not specify how much it hopes to raise from asset sales.

In  August, Daka told TechFinancials that is looking to take the company internationally as he aims to cut business risks associated with slower growth in South Africa.

Going forward, Etion will be led by Elvin de Kock.

Coenraad Bester has been appointed as the Lead Independent Non-Executive
Director with effect from 1 January 2021.


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