Head of Altron stepping down in June
24 November 2021
News
Mteto Nyati.
Altron has announced that Mteto Nyati will step down from his role as group chief executive at the end of June this year. The company said in a statement that this decision was informed by Nyati’s impending completion of a five-year term with the Altron Group, his successful contribution to increasing shareholder value by approximately six times during his tenure and his search for a new challenge.
Nyati, who led Altron’s transition from a family-controlled and managed business to an independent corporate entity, contributed significantly to the achievement of several strategic initiatives at Altron. These included establishing and growing a core ICT portfolio and transforming Altron from a diversified technology group into a trusted information technology services company.
He was instrumental in finalising a number of bolt-on acquisitions during his tenure, including EZY2C in Australia, Phoenix Software in the UK and Karabina, Ubusha and LAWtrust in South Africa. Following the successful demerger, unbundling and separate listing of Bytes Technology Group during 2020, the businesses now have a combined market capitalisation in excess of R30 billion.
These and other strategic initiatives driven by Nyati resulted in a doubling of the group’s EBITDA (earnings before interest, taxes, depreciation and amortisation) prior to the demerger and unbundling of Bytes UK in December 2020. He was responsible for the establishment of a values-based culture centred on customers, employees and good governance, which also improved Altron’s societal impact.
The Altron board extended its sincere gratitude to Nyati for his “visionary and inspirational leadership and his contribution to Altron and its shareholders.” Altron’s nomination committee has started the process of identifying and appointing his successor.
The board wished Nyati well in his future endeavours and said it looked forward to his continued contribution prior to his departure.
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