Bytes CEO resigns amid share trading storm

Admire Moyo
By Admire Moyo, ITWeb's news editor.
Johannesburg, 22 Feb 2024
Neil Murphy has resigned as Bytes CEO.
Neil Murphy has resigned as Bytes CEO.

Bytes Technology Group (BTG) chief executive officer Neil Murphy has resigned from his position following controversy surrounding his trading of company shares.

The UK-based Bytes is listed on the London Stock Exchange and has a secondary listing on the Johannesburg Stock Exchange.

In a statement yesterday, the company says: “Neil Murphy has also notified the board today that he has made a number of trades in the company’s shares that had not been disclosed to the company or the market in compliance with the PDMR [person discharging managerial responsibility] disclosure requirements.”

According to the company, the board is working to clarify the details of these undisclosed trades.

“Based on the information provided to the board, Neil Murphy’s holding of BTG’s shares is 2 890 218 and remains unchanged from the position notified to the market on 28 November 2023.”

The board also announced that Sam Mudd, executive director of the company and managing director of Phoenix Software, will assume the role of interim CEO.

Bytes Technology Group is a reseller of computer software, principally of products made by Microsoft, but also of cloud storage, computer security and computer asset management software.

It was acquired by JSE-listed Altron in 1998. The company was demerged from Altron and was subject to an initial public offering on the London Stock Exchange in December 2020.