iOCO announces leadership transition and strategic focus on growth

The company has confirmed that Rhys Summerton will be directly focused on driving capital allocation and group strategy, while Dennis Venter will focus on revenue generation initiatives. 

Dennis Venter and Rhys Summerton, ¡OCO interim CEOs. Photo: Portal ERP South Africa. 

The iOCO Group Board of Directors announced a leadership transition, appointing Rhys Summerton and Dennis Venter as joint interim CEOs and Executive Directors, effective February 14, 2025. Summerton will focus on capital allocation and group strategy, while Venter will lead revenue generation initiatives. They will work alongside Group CFO and Executive Director, Ashona Kooblall, and the existing iOCO Limited management team.

iOCO, a leading African technology solutions provider, delivers innovative solutions across various sectors, including cloud computing, cybersecurity, and data analytics. The company is committed to empowering businesses with cutting-edge technologies to drive growth and efficiency.

This leadership change coincides with the completion of iOCO’s restructuring phase and a renewed focus on growth and investment. The company is actively pursuing acquisitions to strengthen its market position, particularly within the public sector, while continuing to serve its corporate and blue-chip clients.

Summerton and Venter, directly or indirectly associated with 25% of iOCO’s shares, will serve without a fixed salary. Their compensation will be entirely performance-based, tied to share price growth, demonstrating their commitment to shareholder value.

“We embarked on a three-phase turnaround strategy in May 2024,” said Summerton. “This included cost rationalization, empowering business unit leaders through ‘radical autonomy,’ and focusing on strategic capital and talent allocation. We are confident in iOCO’s potential and will elaborate on our strategy at the interim results in April.”

Kooblall added, “Our first half results are encouraging, driven by restructuring and a focus on profitability. We have simplified organizational structures, established strong leadership, and prioritized expense management while investing in growth areas. All business units are now profitable, and we are focused on achieving strong revenue growth and increasing free cash flow per share.”

The company has also introduced a revamped incentive model that aligns executive directors and business heads with long-term success through cash incentives and performance-based share price rewards.