The JSE has suspended trade in the Top Information Technology Holdings (Top Tech) share following the resignation of the company`s CEO. Top Tech has lost two CEOs in as many months and has issued a profit warning for its interim results.
Cracks in the software and services company began to show in January when chairman Justin Adriaanse and CEO Chris Kleingeld tendered their resignations. This was coupled with a warning that Top Tech`s half-year results to December 2000 would be "materially different to forecast".
The role of CEO then fell into the hands of Hans de Nysschen, who today followed in his predecessor`s footsteps and announced his resignation.
Shortly before the JSE opened today, it was announced that the Top Tech share had been suspended at the directors` request. This action was taken despite auditors KPMG stepping in as a corporate advisor in February.
According to a company source, director Marius First is facilitating the current day-to-day running of the company.
The share has been on a steady downward spiral from its 12-month high of 250c and was suspended at yesterday`s close of 15c - a new 12-month low.
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