Faritec CEO resigns

JSE-listed IT company Faritec Holdings Limited, has announced that CEO Simon Tomlinson has resigned with immediate effect. As an interim measure, the board has appointed current Non-Executive Chairman, Dr Chris Jardine, as Executive Chairman, to manage and oversee the company’s business until the transaction with Shoden Data Solutions (Pty) Ltd is approved or until a new CEO is appointed.

Jardine says that to ensure an orderly handover, Tomlinson will remain at the company for a three month notice period and has agreed to be available for a further three months, during which time he will be primarily responsible for the continued implementation of the cost reduction strategy that has been put in place to return the group to profitability.

“Faritec has experienced several good wins in the market during the past 6 weeks and the cost reduction plan is bearing fruit. We are confident that our management team will continue to build on these gains,” he says, adding that the board thanks Tomlinson for his years of service to Faritec and wishes him well in his future endeavours.

Tomlinson, who will remain as a shareholder in the group, says that now that Faritec has taken steps to ensure the future sustainability of the group, he believes it is time to allow a new leadership team to take the business forward.