Mathews Phosa will step down as its independent chairman, after nine years, says JSE-listed EOH.
Phosa will leave the company at the end of next month, but has agreed to make himself available to assist EOH "whenever he can" in the future, the group says in a statement to shareholders.
EOH says Phosa's decision to step down is "a result of his other considerable commitments". According to Who's Who, Phosa is treasurer general of the ruling African National Congress and has chaired several other entities, including Zero Pollution Motors SA, Vuka Alliance, Mathews Phosa & Associates, as well as Vuka Water Projects.
Phosa, a qualified attorney, previously held several positions in government and was one of the first four members of the ANC to come back to SA after being in exile from 1990, notes Who's Who.
EOH says, under Phosa's chairmanship, the company had grown in excess of 40% a year. In the year to July, it said turnover gained 50%, to R3.6 billion, while pre-tax profit moved up to R339.9 million - a 45% improvement.
"The directors, management and staff of EOH would like to express their sincere appreciation to Phosa for his significant contribution during his tenure as chairman and wish him well in his future endeavours."
EOH has started the process of appointing a new chairman.
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