Jasco Electronics MD Joe Madungandaba has been appointed acting CEO to replace Stuart Robertson, who leaves the company at the end of next month.
The JSE-listed group says a permanent replacement for Robertson will be appointed within the next 12 months.
Robertson announced earlier this year that he was planning to take up a position at Jasco`s main shareholder and black economic empowerment partner, Community Investment Holdings (CIH).
The group said at the time that Robertson had completed his mandate, which was to transform the group into an empowered entity with a sustainable growth platform.
Madungandaba, who comes from CIH, has been Jasco`s MD since last November.
Jasco says Robertson will consult to CIH on driving the future direction of its investments and extracting synergies between CIH and Jasco.
Jasco chairman Anna Mokgokong says Jasco`s restructuring is now complete and the group is positioned for growth.
Coming off an attributable loss of R118.49 million in the 2001 financial year, Robertson guided the company back to profitability over the past few years, with Jasco reporting attributable income of R6.24 million for the 2005 financial year. This was on turnover of R248.83 million.
Jasco`s subsidiaries operate in the telecommunications technologies of voice, image and infrastructure provision.
The group`s share closed unchanged at 245c on the JSE yesterday.
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