CEO Fights to Save Graft-Tainted South African IT Company

EOH Holdings Ltd. Chief Executive Officer Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience, Bloomberg News reported. Van Coller, a former executive at Barclays Africa Group Ltd. and MTN Group Ltd., was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts. He plans to break Johannesburg-based EOH into different parts to release greater value from a portfolio of more than 270 companies, while appointing PwC as an internal auditor and launching a whistle blower app. “EOH is like a vegetable soup, where it’s not clear if it’s 10 percent carrots or 90 percent carrots,” the CEO said in an interview in Johannesburg. “We’re working toward fixing this, and part of that will be to split it into different units with separate boards to get the capital structure right.” Read more