Mustek, a technology products supplier, yesterday announced the appointment of Hein Engelbrecht as its acting group CEO following the unexpected passing of David Kan last week.
Following the announcement on May 20 of the unexpected passing of the group CEO, the board of directors of Mustek met on May 23 to discuss the way forward for the company.
Kan founded the company in 1987.
“Unforeseen events of this nature are deeply emotional for David Kan’s family and the Mustek staff,” the firm said.
In line with good corporate governance, contingency plans were in place to ensure the short-term uninterrupted continuity of the company.
The board said Engelbrecht would be supported by the executive team to ensure the continued and uninterrupted continuation of operations.
Hein Engelbrecht CA(SA), joined Mustek in 1997 as the group financial manager, where after he was promoted to group financial director in 2000. In 2007, he was appointed as group managing director.
“Having been on the board for 21 years and working closely with David Kan, the board is confident that with his work experience and skills he will stabilise and move the group forward until such time as a permanent appointment is made,” Mustek said.
Mustek said Kan was a highly respected icon and legendary figure in the IT industry.
Mustek comprises Mustek, Rectron and Mecer Inter-Ed, a controlling shareholding in Palladium, shareholdings in Sizwe Africa IT Group and Khauleza IT Solutions, and a substantial shareholding in Yangtze Optics Africa Cable.
In its latest financial report, Mustek reported that for the six months ended December 31, 2021, its headline earnings, a key profit measure for South African firms, increased 8 percent to R153 million, while its headline earnings per share gained 17.3 percent to 237.09 cents, with revenue of R4.19bn, up 12.5 percent.
Mustek operates in South Africa, with anchor operations in Africa in Zimbabwe, Kenya and Nigeria.
BUSINESS REPORT ONLINE