JSE-listed financial services software company SilverBridge says its FD, Jaco Maritz, will step down at the end of next month, after more than eight years with the group.
In a statement to shareholders, SilverBridge says Maritz "has been an instrumental part of its growth and development. This encompasses the years of high growth before and after the listing of SilverBridge on the AltX, as well as the challenging times and restructuring over the past two years."
A few years ago, the company went through a trying time and had to retrench some staff. It reported disappointing results in 2010 due to delivery on projects being delayed or misaligned with client expectations.
Since then, it has implemented a turnaround strategy and reported a R6.6 million loss for the 12 months to June 2012, an improvement on the R24.3 million it lost in the prior 16 months. It recorded lower revenue of R82.6 million, a decline from the R121 million in the period to June 2011.
However, its figures were not directly comparable, as last year contained an additional four months of trading as it moved its year-end.
Right time
During 2012, Maritz indicated he wished to pursue opportunities as a consultant but that he did not want to leave SilverBridge until it had been turned around, it says. "The group has now reached a point in the SilverBridge journey where both parties are comfortable that Jaco [Maritz] can pursue his own objectives."
Maritz "has implemented several changes and has put processes in place to ensure the group's recovery continues", the group notes. It adds that it supports Maritz in his decision to embark upon a new journey and wishes him well for his future career.
Maritz has been involved in the IT sector for more than 10 years, ranging from consulting to structuring of long-term sales transactions, outsourcing, new business initiations, due diligences and other strategic initiatives. He is a qualified chartered accountant and has completed an executive management course at the University of Pretoria.
Maritz will present his last set of interim results in February. "Shareholders will be notified of developments regarding his replacement in due course."
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