What Happened
Dennis Venter has resigned as co-CEO and board member of iOCO, effective immediately. The announcement was made by the JSE-listed IT services group after market hours on Wednesday. Venter has chosen to pursue other business interests, and the company expressed gratitude for his leadership and contributions during his tenure.
Why It Matters
Venter was appointed co-CEO in February 2025, alongside Rhys Summerton, following the resignation of interim CEO Marius de la Rey. Under their leadership, iOCO, previously known as EOH, has been undergoing a significant turnaround after facing challenges related to state capture corruption scandals. The company reported a remarkable increase in earnings, with Ebitda rising 68% to R516 million and operating profit surging 275% to R421 million for the year ending July 2025.
What’s Next
The executive leadership team will continue with Rhys Summerton and CFO Ashona Kooblall. Summerton will maintain his focus on capital allocation and group strategy, while Kooblall will support ongoing growth and financial discipline. The company aims to enhance value creation for all stakeholders as it moves forward without Venter.
