Intervid has published a curt notice to the effect that its CEO, Rob le Sueur, is no longer a director. The company has so far refused to disclose any reasons.
The notice was issued on the JSE`s news service, SENS, after the market closed yesterday.
It says: "With immediate effect from 24 April 2003 Mr Rob le Sueur is no longer a director of Intervid Limited.
"The board has put in place a plan to address the impact of the above on the company and will report back to shareholders as soon as possible." No other information was provided.
Calls to Intervid regarding the matter are referred to non-executive chairman Bill Lambert, who would not comment on the reasons for Le Sueur`s departure. "We haven`t communicated with all the staff," he says.
"We have a lot of work to do and you can be assured that we will act with integrity and in the best interests of the company and its shareholders."
Lambert says non-executive director Mark Taylor has been appointed as the "interim caretaker".
Intervid, a digital solutions and managed services provider, incurred a net loss of R36.29 million for the six months to end-December. The figure was slightly worse than the R35.48 million loss incurred in the same period a year earlier.
Le Sueur said at the announcement of the results in March that the group was still progressing with an internationalisation strategy that had previously had a negative effect on the South African operation.
That effect had been addressed and the South African business had regained a strong trading position, he said.
At the interim stage international operations accounted for 80.5% of group revenue. Gross revenue for the period was reported at R282.65 million.
The Intervid share was untraded at 145c on the JSE by midmorning today.
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