February 20, 2019 / 7:08 AM / a year ago

CORRECTED (OFFICIAL)-UPDATE 1-South Africa's EOH Holdings founder and chair resigns

(Corrects headline, paragraph 1 and paragraph 2 after company clarifies Bohbot is former, not current, CEO)

Feb 20 (Reuters) - South Africa’s largest technology group EOH Holdings said on Wednesday its founder, chairman and former CEO Asher Bohbot would resign from the board, effective Feb. 28.

The resignation of Bohbot, who served as CEO for 19 years, comes days after Microsoft terminated its channel partner agreement with EOH Mthombo, a unit of EOH.

EOH, which announced more board changes, did not give a reason for Bohbot’s exit from the board in its statement.

Shares of the information technology company have plunged over 45 percent since Microsoft scrapped the agreement on Feb. 12.

“I have confidence in EOH’s management and believe that the new strategy, which is in advanced stages of implementation, will be beneficial to all our stakeholders,” said Bohbot.

EOH said last week that Microsoft had not officially provided any confirmation for the termination of the agreement and EOH had launched an investigation to look at historical licensing contracts in the public sector space.

Reporting by Samantha Machado in Bengaluru; additional reporting by Devika Syamnath; Editing by Rashmi Aich and Arun Koyyur

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