EOH names Fatima Newman as chief risk officer
JSE-listed technology services provider, EOH, today announced the appointment of Fatima Newman as the company’s new chief risk officer.
Newman is an insider at the company and held the position of chief commercial officer until now. In her role as chief commercial officer, she led and supervised ongoing operations and procedures, with specific focus in the areas of risk, compliance, procurement and enterprise development.
EOH chairman Dr Xolani Mkhwanazi welcomed Newman’s new role in the company, saying: “I am very pleased that Fatima is joining the board as her skillset and uncompromising commitment to good governance will complement the recent appointments of Andrew Mthembu, Michael Bosman and Anushka Bogdanov as independent non-executive directors.”
In a shareholders statement, Mkhwanazi says Newman brings 25 years of experience as a strategic leader of risk, compliance, regulatory and governance oversight in banking and financial services, stockbroking, asset management and corporate finance.
Newman is assuming the new role at a time when the company’s image has been battered. The markets haven’t been kind to the company either, as its stock has plummeted 71.9% and its market cap is now sitting at around R3 billion.
EOH’s current problems began after software giant Microsoft in February terminated its contract with the IT services company after an anonymous whistle-blower reportedly filed a complaint with the United States Securities and Exchange Commission about alleged malfeasance to do with a R120 million contract with the SA Department of Defence.
EOH then asked law firm ENSAfrica to conduct a proactive comprehensive investigation into the IT services company’s contracts to identify any wrongdoing or criminal conduct in the acquisition, award or execution of contracts.
Last month, the company said the probe found suspicious transactions of R1.2 billion and are being investigated by ENSafrica.