JSE-listed Ansys, which provides technology to sectors such as rail and defence, says its CEO will step down from the end of this month to head up a new telecoms company.
In a statement to shareholders yesterday, Ansys says Alan Holloway will control a new firm that will buy Ansys' “recently-established telecommunications business at a nominal consideration, to establish the platform for this new venture”.
Ansys was established in 1987 and provides advanced technology systems, products and services to the rail, mining, industrial and defence industries. It started out supplying the defence force with avionic computers, data logging and other applications.
The listed group will retain a shareholding in the new company. The deal is not large enough to be considered a related-party transaction in terms of the JSE's rules.
Ansys thanked Holloway for his contribution, spanning a career of about 10 years, and said chairman Teddy Daka will act as interim CEO until a suitable replacement can be found.
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