JSE-listed IT staffing and education group Advtech lost its second group head in seven months when CEO Rob Childs, appointed in July, resigned from the group on Friday.
The group reported worse than expected results in September after a profit warning, turning in an attributable loss of almost R7 million for the six months to June.
The loss for the period was comparable to a R15.9 million attributable profit for the same period in 2000.
At the time, chairman Brian Buckham attributed the results to interruptive events, including the attentions of several bidding institutions "attempting to capitalise on the group`s temporary distress".
Childs` resignation follows former MD Renny Plit`s decision to quit the group in May to "follow his own interests".
Similarly, Childs, who stepped into the breach left by Plit, says he has a "couple of projects" he will be working on after leaving the group.
Childs refused to provide any further comment and declined to state the reason for his departure.
Advtech management has announced that non-executive director Hugh Brown will serve as interim CEO in "a part time capacity", until a suitable replacement for Childs is found.
Neither Brown nor Buckham were available for comment at the time of publication.
The market responded negatively to the news and the Advtech share hit a 12-month low, swapping hands at 19c in brisk early morning trade.
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