Megan Pydigadu, group finance director of technology services firm EOH, has resigned to take up a position at a large South African company.
In a statement, the JSE-listed company says Pydigadu has committed to close out the 2023 year-end audit and will, therefore, remain at EOH until 31 October.
Pydigadu joined EOH in 2019 after a career spanning articles at Deloitte in both Johannesburg and Boston; as well as senior financial positions at De Beers and Bateman.
Before joining EOH, she was chief financial officer of MiX Telematics, a JSE- and NYSE-listed company, a position she held for over six years.
According to EOH, the board of directors has accepted the resignation and have started a process to identify an appropriate replacement. Shareholders will be advised on the appointment of a new group finance director in due course.
“The board would like to thank Megan for her dedication and commitment over the past few years and the critical role she has played in the restructuring of EOH and guiding it through an extremely challenging period in the company’s history,” says EOH.
“My decision to leave the EOH has not been an easy one; we have all as a team walked some very hard yards restructuring EOH over the past few years, culminating in the recent successful capital raise,” Pydigadu says.
“However, as the company transitions into a new growth phase, it is a good opportunity to bring fresh thinking and energy into the financial portfolio to see EOH through this next chapter. I look forward to my own new challenges, but I am fully committed to working alongside the team to facilitate a seamless transition in the finance function and group leadership.”
EOH group CEO Stephen van Coller says: “As group finance director, Megan has played a crucial role in rescuing EOH from the position it was in when she joined over four years ago. Her support, exemplary leadership and hard work during this journey have been invaluable. We thank Megan for her contribution and wish her well in her future endeavours.”
Pydigadu was one of the execs brought by Van Coller to turn around the company’s fortunes after the old management faced criticisms of governance failures.
She played a key role as the JSE-listed firm made efforts to reduce its debt. Earlier this year, it issued final terms of its rights offer and its specific issue of shares to its strategic investment partner Lebashe Investment Group.
After it closed off dodgy legacy public sector contracts that had bedevilled the technology group over the years, in June 2022 EOH sued several of its former executives, including Asher Bohbot, founder and former CEO; the late John King, former CFO; Jehan Mackay, former head of public sector; and Ebrahim Laher, former head of EOH International, for a total of R6.4 billion in damages.
The company lodged a criminal case against the four former executives, in addition to the R6.4 billion claim it filed in court.
It is alleged it was under the previous management’s watch that EOH got entangled in corruption, especially with public sector tenders.