Jasco Electronics Holdings CEO Martin Lotz will move on, after more than a decade with the company, to join the group's empowerment partner.
The listed company told shareholders yesterday that Lotz would step down as CEO on 1 July, after being at the helm of the company since 2006. Lotz will be replaced by former Siemens SA and A1GP boss Pete da Silva.
Jasco's outgoing CEO joined the company as FD in July 2000 and was then promoted to COO in November 2004, before becoming CEO in July 2006.
Lotz will join Jasco's major shareholder and empowerment partner, Community Investment Holdings (CIH), after wrapping up the integration with Spescom and assisting the management team with its full-year results.
Lotz will take up an executive position at CIH. He says his role will include looking into potential investment opportunities for the empowered holding company, which is a “big investment business” with a handful of staff.
According to Jasco's Web site, CIH bought into Jasco in 2003 and has a 45% stake in the listed electronics company. CIH was founded in 1995 and has interests in a variety of sectors, including healthcare, technology, mining and financial services.
Meeting targets
However, at the end of last year, Jasco bought Spescom in a bid to create a R1 billion company. Jasco says Lotz achieved his mandate with the Spescom acquisition. Yesterday, the company reported its interim results and said revenue was R317.9 million.
Lotz's replacement, Da Silva, joined the Jasco board as an independent non-executive director a year-and-a-half ago and has more than two decades of experience with Siemens SA. Da Silva became Siemens CEO in 2005, after roles that included COO and CEO of Siemens Telecommunications SA.
In October 2006, Siemens said Da Silva would leave the company to pursue interests outside of the electronics sector. He joined A1GP as CEO in January 2007.
Jasco thanked Lotz “for his dedication to the group and for fulfilling his mandate so successfully over the last few years”.
Share
