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South Africa – Adcorp CEO resigns

09 October 2019

Adcorp Holdings Ltd. (ADR: JSE), the South Africa-based workforce management solutions group, announced that Innocent Dutiro has resigned as the CEO of Adcorp, effective 8 October 2019.

The announcement follows Adcorp’s trading statement and operational update for the six months ended 31 August 2019 in which the company said its earnings were hit by macroeconomic and environmental challenges.

Dutiro joined the company in October 2017. During his tenure, he led the group through the first phase of a strategic turnaround that achieved notable successes, including the repositioning of the Adcorp brand.

According to the company, the timing of his departure has been driven by his desire to review his own career after giving two eventful years to the group.

“The company's Board of Directors expresses its gratitude to Innocent and wish him well in his ventures,” the company stated.

Cheryl-Jane Kujenga, the company's CFO, will serve as interim CEO while the Board evaluates a successor for Dutiro. CJ was recently recognised by the African Women of Chartered Accountants organisation as the CFO of the year in the private sector.

“We have every confidence that her leadership and guidance in the interim period will continue to assist the group to deliver on its business plan in upcoming months,” the company stated.

Following its trading update, the Board said it is actively working with management to put in place corrective measures. These include a CEO search, a review of the group's strategy to ensure that focus is placed on the core competencies of the group namely temporary employment services (including functional outsourcing), IT resourcing, business process outsourcing and training. Furthermore, the group said it will conduct a review of the current group initiatives.

“The Board is confident that the business is fundamentally sound and will able to meet all its commitments and deliver on its immediate strategic plans,” Adcorp stated.

The group plans to bring forward the release of its Interim Results from the 28 October 2019.

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