ICT firm Datatec saw its shares sink after announcing that its Chief Financial Officer (CFO) would become Group Operations Director at the start of June.

As a reflection of the company's "growing scale and complexity", Rob Evans, who was originally appointed as CFO in May 2012, will be replaced by Jurgens Myburgh, who is joining the company from The Standard Bank of South Africa

In his new role, Evans will take on responsibility for business process improvement, internal audit, post-acquisition integration oversight and internal corporate development.

Chief Executive Jens Montanana said: "The size and complexity of the group now merits the position of a Group Operations Director. Rob Evans is ideally suited for this new position with his broad international experience, including over 10 years in various operating and finance roles across Datatec.

"I am delighted to welcome Jurgens as our new Chief Financial Officer. He has a strong corporate finance background and extensive international mergers & acquisitions experience."

The share price declined 18.55% to 252.50p by 10:45.

NR

Related share prices
Datatec Ltd. (DI) (DTC) share price