Pierre Spies has been appointed as joint-CEO of Pinnacle Holdings as of 1 January, with plans for him to take over entirely from current CEO Arnold Fourie in the middle of next year.
Spies was appointed deputy CEO in March and has been working closely with Fourie since then. In the new year, he will take up the role of joint-CEO and will be responsible for the ICT distribution, financial services and certain corporate divisions within Pinnacle.
Pinnacle says Fourie will continue as joint-CEO until 30 June, after which he will move into the role of non-executive chairman of the group effective 1 July. Spies will then take up the reins as CEO.
"In his new role, Arnold will guide the group's strategy with a particular focus on new growth initiatives," the company said in a statement this morning.
Spies will be supported by Tim Humphreys-Davies and Craig Brunsden, who will be appointed as MDs of the two major ICT distribution subsidiaries, Pinnacle Africa and AxizWorkgroup respectively.
Pinnacle says Humphreys-Davies and Brunsden both have over 10 years' experience within their respective subsidiaries.
In January, Henry Ferreira, who is CEO of Pinnacle Africa, will assume responsibility for the new emerging technologies and systems integration businesses within Pinnacle, while Jenny Gill will continue in her role as CEO of Centrafin, the financial services subsidiary.
Current non-executive chairman Ashley "Oshy" Tugendhaft will move to the role of deputy chairman in July when Fourie takes up the non-executive chair role.
Pinnacle's share price lost ground in early trade and was sitting at R11.50 by mid-morning.
The company's stock has fallen almost 7% year-to-date.
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