iOCO appoints Lerato Pule to board

The IT services company adds chartered accountant with telecommunications and financial services experience as it continues restructuring under new leadership.

IT services company iOCO, which changed its name from EOH Holdings, has named Lerato Pule as an independent non-executive director, with the appointment taking effect on December 4, 2025.

Pule, a chartered accountant with over 20 years of experience across telecommunications, financial services, and energy sectors, will join multiple board committees. She will serve on the audit and risk committee and assume the role of chairperson for the social and ethics committee, according to a statement released to investors on Wednesday.

Her professional background includes chief financial officer positions at Cell C in 2022 and Liquid Intelligent Technologies SA in 2024. She has held audit and risk committee positions at Liquid SA, Cell C, and Afrinet, and served as trustee for the Sasol Batho Trust and Telkom Foundation Trust.

Currently, Pule serves on the board of Phuthuma Nathi Investments, the empowerment vehicle that holds shares in MultiChoice South Africa, where she chairs the audit committee.

The company simultaneously announced that Nompumelelo Mokou, an existing independent non-executive director, will join the remuneration and nomination committee, also effective December 4.

These board appointments come as iOCO operates under co-CEOs Rhys Summerton and Dennis Venter, who assumed their positions recently as part of the company's restructuring efforts.

Financial performance and strategic direction

iOCO reported improvements in its financial metrics for the year ending July 2025. Earnings before interest, tax, depreciation and amortisation increased 68% to R516 million, while operating profit grew 275% to R421 million. The company reduced its interest-bearing liabilities from R951.6 million to R658.6 million.

The company's net debt position stands at approximately R500 million in bank debt against R399 million in cash holdings. According to statements made by Summerton to TechCentral in October, the company has generated free cash flow from operations rather than asset disposals.

Summerton indicated that iOCO plans to pursue acquisitions in technology sectors, including cybersecurity, as part of its strategy to rebuild its position as a consolidator of technology companies in South Africa and other markets.

The JSE-listed company has undergone restructuring following previous governance issues and complications related to government contracts. The current board changes and financial repositioning form part of iOCO's efforts to establish new operational foundations.