The passing of our former chairman, Dr Xolani Humphrey Mkhwanazi, shook the board and all of those who knew him personally. He played a pivotal role in our fight against corruption, and worked diligently to enable EOH to become a company that was capable, courageous and trusted. He navigated an immensely difficult time in the company's history with dignity, morality and aplomb. His was an outstanding contribution and he continues to be sorely missed.
We also saw the resignation of two independent non-executive directors. Anushka Bogdanov, who chaired our Social and Ethics Committee resigned on 28 July 2020, while the resignation of Dr Moretlo Molefi who joined the Board in 2017, will take effect on 20 January 2021.
On a more positive note, we were delighted to welcome to the
board Mr Jabu Moleketi, Mr Andrew Marshall and Mr Sipho Ngidi
– all experienced, skilled individuals who offer unique and valuable
expertise across various disciplines.
I am pleased to observe that the board in its current form is a coherent, energetic, and effective team. That said, we persevere in our efforts to strengthen it further, and to bolster it with people with business acumen and a firm sense of the South African socio-economic reality. Now, more than ever before, is a time that will reward courageous, effective leadership.
We have created a new board structure: the Asset Disposal and Acquisition sub-committee. This sub-committee has extensive experience in restructuring and refinancing and I must hasten to point out that it is largely focused on asset disposals for the time being. It became apparent that we needed the coordination a board structure could provide in order to ensure that we dispose of the right elements of the business in a way that makes sense, and that leaves behind a core business that provides a focused, end-to-end solution to the market.
The acquisition part of the name, for now, is aspirational, but the intention is to build a Group with a strong, healthy balance sheet that is once more in a position, having learnt from the past, where it can make reasoned, strategic acquisitions. The desired end result remains a focused, efficient business capable of becoming the digital-transformation enabler for our customers.