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More drama as 4Sight CEO, three directors quit

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Vincent Raseroka has quit as CEO of 4Sight.
Vincent Raseroka has quit as CEO of 4Sight.

The CEO of technology group 4Sight Holdings, Vincent Raseroka, and three other directors have quit the company after weeks of bruising boardroom drama at the JSE-listed firm.

With the latest resignations announced on Tuesday, it means 4Sight has lost six directors including the chairman in a space of four weeks.

In a note to shareholders, 4Sight says Rasemoka, Gary Lauryssen, Jason du Plessis and Tinus Neethling have quit the board.

To bolster its board, the company says Tertius Zitzke (who will act as CEO), Eric van der Merwe (acting chief financial officer), Marichen Mortimer, Johan Nel, Christopher Crowe, Andrew Murgatroyd and Herman Singh have joined the board.

“Following the adjourned SGM [special general meeting], and following an engagement process with various shareholders including those shareholders that requisitioned the SGM, the board of directors of 4Sight has been consensually restructured,” the company says.

Further, it says, in compliance with the company’s constitution, two additional directors who are ordinarily resident in Mauritius are still to be appointed.

4Sight adds that the reconstituted board will prioritise these further board appointments and a further announcement will be made on these additional board appointments being effected.

On its outgoing CEO, 4Sight says: “Mr Raseroka will be leaving 4Sight with immediate effect, having also tendered his resignation as an employee. To afford the reconstituted board the opportunity to allow for a smooth transition, Mr Lauryssen and Mr du Plessis will remain employed by the 4Sight Group.”

Raseroka, who was in the position since January this year, had big plans for the company, including what he called “real empowerment”. He wanted the South African business to be at least 51% black-owned.

Additionally, the company says, Neethling will remain in his current role as telco cluster head within the 4Sight Group.

According to the company, Jaco Botha and Rudi Dreyer have agreed not to pursue their appointments to the 4Sight board in order to allow for a better board balance in terms of King IV and have accordingly withdrawn their consent to act as directors.

“Messrs Dreyer and Botha will remain in their current roles as mining, manufacturing, chemicals and energy cluster head and managing director of SET within the 4Sight Group respectively. Mr Zitzke will take on the role of acting CEO, with Mr. van der Merwe taking on the role of acting financial director,” says the company.

Those in acting positions will continue to do so until such time “as the 4Sight board and board committees are duly constituted for the confirmation of their appointment as permanent CEO and financial director.”

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