Jasco Electronics has made some changes at director level as part of its turnaround strategy.
The group says rapid changes in the industry, particularly in telecommunications, combined with Jasco`s empowerment credentials, have put it in a good position for continued growth.
Jasco says the refocusing of the responsibilities of its executive management team has been undertaken to ensure the group can take full advantage of future opportunities.
In terms of the changes, CEO Stuart Robertson`s role will be to identify, implement and drive the group`s strategy, while Joe Madungandaba assumes the role of MD.
Madungandaba is the CEO and co-founder of Community Investment Holdings, Jasco`s black economic empowerment shareholder and major shareholder.
Financial director Martin Lotz`s responsibilities have been expanded to that of chief operating officer.
Lotz will be responsible for the internal management of Jasco`s operating divisions and report to the MD. The group says he will continue with his current financial duties and as company secretary until the restructuring is finalised.
The company says it will provide more details on the restructuring at a later date.
Last month Jasco achieved net income of R2.62 million for the six months to August, compared with a R4.8 million loss for the same period a year earlier.
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