May 7, 2013 · by Richard Cutcher

Altech chief gives up bonus

Craig Venter, chief executive of Altech, will not be receiving a bonus for 2012/2013. (iol.co.za)

The chief executive of IT and multimedia giant Altech has given up his 2012/2013 bonus as a result of the company’s poor financial performance.

HumanIPO reported last month Altech had recorded losses of ZAR1.54 billion (US$???) and Craig Venter has now said “the buck stops with me”.

Altech are optimistic however of recovering and put the huge losses down to its recent disposal of its poor performing businesses in East and West Africa.

In a company statement Altech chairman Moss Leoka said: “The board appreciates Mr Venter’s decision as it clearly demonstrates that he continues to place the interests of all stakeholders above short-term considerations.”

Leoka did say he was confident in Venter’s ability to take the company forward and added: “The board is pleased to see that the CEO has demonstrated faith in the future of the business, aligning his interests with the long-term interests of stakeholders by taking a short-term financial setback.”

Altron, which owns Altech, is expected to release its financial results tomorrow (Wednesday).

FB comments

Latest news

9 hr 44 min ago
iROKOtv team to manage Nigerian startup investment fund

Nigerian startups are set to receive a boost from the founders of Nollywood’s online streaming service iROKOtv, after they secured US$1 (more)
10 hr 5 min ago
25% of visitors are from mobile devices - Jumia

The director and co-founder of Nigeria's largest e-commerce site, Jumia.com, has revealed around 25 per cent of visitors to the website do (more)
10 hr 25 min ago
OPINION: Social media is as real as its users

Social media has become such an integrated part of communication across personal and corporate spheres that it is difficult to imagine a (more)
10 hr 45 min ago
KT Corp circling Telkom business again

Korea Telecom (KT Corp) is looking into buying Telkom’s iWayAfrica internet service as a way of breaking into the African market.
11 hr 4 min ago
SA e-commerce startup sees rapid sales increase

An online cable vendor has seen average sale order sizes grow by around 80 per cent in the past two months as they bid to increase South (more)
11 hr 25 min ago
NGO embarks on giving Kenyan girls ICT training

Eighteen girls have been trained in a project meant to bridge the skills gap for high school graduates and encourage young women to (more)
11 hr 44 min ago
Digital content producers in Nigeria need to take a stand – Nkiru Asika

A call has been made for digital content producers in Nigeria to stand firm on the remuneration they receive from network operators which (more)
12 hr 14 min ago
Moscow court rejects Google’s video appeal

A Moscow court has rejected a test case brought by Google to challenge the Russian authorities on their tough internet laws.
12 hr 45 min ago
Vodacom hits back at Telkom off limits

South African network operator Vodacom has launched its new ‘limitless’ advertising campaign in reaction to the ‘unlimited’ offers (more)
13 hr 15 min ago
Xhosa Mobile supplies medical aid

University of Cape Town (UCT) student Saadiq Moolla has developed a mobile solution to help the diagnosis and treatment of Xhosa patients (more)
13 hr 44 min ago
We don’t make much noise at Airtel – Deepak Srivastava

Deepak Srivastava, chief operating officer and executive director of Airtel Nigeria, has said unlike other networks in the country, Airtel (more)
14 hr 14 min ago
SEACOM adds Epsilon operators in partnership

Global network exchange Epsilon Telecommunications has signed an agreement with provider SEACOM so it can offer its services to Africa.
14 hr 44 min ago
Cell C deny claims of unpaid ICASA fees

South Africa’s third largest mobile operator, Cell C, has hit back at the Independent Communications Authority of South Africa (ICASA) (more)
15 hr 14 min ago
LinkedIn turns 10

LinkedIn is celebrating its 10 years in business this week, with its co-founder saying he is “honoured and humbled” by the effect it (more)
15 hr 45 min ago
SKA sets up UK presence

The Square Kilometer Array (SKA) radio telescope’s international head office has been established in the United Kingdom (UK), a year (more)
16 hr 14 min ago
Safaricom launches KSh500 million promotion

Safaricom has launched the biggest promotion in Kenya’s history dubbed ‘Tetemesha’ that will see winners get airtime and cash prices (more)
16 hr 44 min ago
BitTorrent heads to monetization by releasing bundles

BitTorrent is stepping up its monetisation efforts by releasing a new content packaging format called BitTorrent Bundle, in alpha mode.
17 hr 15 min ago
Tanzania Revenue Authority revamps website

The Tanzania Revenue Authority (TRA) has launched a new website to improve its services to customers.
17 hr 45 min ago
Altron reveal extent of losses

IT and telecommunications group Altron has posted a headline earnings per share decrease of 29 per cent compared to last year in its annual (more)
18 hr 14 min ago
Q&A: Social media not a replacement, but complement to traditonal PR

Melissa Attree, creative director at Cerebra, spoke to HumanIPO about social media as complementary, rather than a replacement, to (more)
18 hr 44 min ago
Google Maps facelift likely at I/O conference

Google could be about to launch a new interface for its mapping services after a blog displayed screenshots appearing to unveil its new (more)
19 hr 5 min ago
Nigerians are more social than South Africans - 2go

A 2go survey, breaking down the demographics and behaviour of its users, has declared Nigerians are more social than South Africans as the (more)
19 hr 25 min ago
Nokia CEO faces investor revolt

Nokia investors have told chief executive officer (CEO) Stephen Elop they are losing patience with his current tactics for challenging (more)
19 hr 44 min ago
MWWA2013 Focus Day Review: A first, but a success

Mobile Web West Africa 2013 kicked off with its first Focus Day yesterday, with an emphasis on mobile marketing.
20 hr 5 min ago
Vodacom Tanzania and GNLD in M-Pesa deal

Nutritions company GNLD will now allow its Tanzania customers to pay for products through M-Pesa thanks to a deal with Vodacom Tanzania and (more)
20 hr 22 min ago
Altech shares tumble

Altech shares fell almost 6 per cent in midday trade on the Johannesburg Stock Exchange yesterday, in spite of its chief executive officer (more)
20 hr 45 min ago
East Africa single tourist visa held back by poor tech infrastructure

The plan to have a single East Africa Community (EAC) tourist visa has been delayed because of a lack of sophisticated ICT equipments.
21 hr 14 min ago
Cybercrime threatening Rwanda’s IT development

Internet fraudsters and an absence of suitable cyber security could cripple Rwanda’s efforts to become a major regional IT hub in Africa.
21 hr 45 min ago
Motorola’s injunction abused its position - EU

European Union (EU) officials have slammed Google-owned Motorola Mobility for filing a patent injunction against Apple, saying the company (more)
22 hr 45 min ago
Reporters discuss impact of technology in Sudan

Around 100 Sudanese journalists, bloggers, editors and publishers attended a forum on journalism’s digital revolution at the weekend to (more)
23 hr 44 min ago
Adobe starts subscriptions for its desktop apps

Adobe’s desktop apps, including Photoshop, previously known as Creative Suite (CS), will now be branded CC to reflect their integral part (more)
1 day ago
US Senate Approves Online Sales Tax Plan

Online retailers could soon have to pay sales duties in the United States after the Senate passed a bill to impose the tax.
1 day 9 hours ago
E-toll debate an utter disgrace - DA

The Democratic Alliance (DA) has slammed the manner in which today’s South African e-tolling bill discussion was managed and said the (more)
1 day 10 hours ago
Kenya police receive speed guns

The Kenya police traffic department has said it will deal firmly with speeding after it received speed cameras from the National Road (more)
1 day 10 hours ago
Report projects bright future for innovation hubs in Africa

The future of African innovation hubs remains bright, according to the iHub 'Comparative Study On Innovation Hubs Across Africa', pointing (more)
1 day 10 hours ago
Telkom Gauteng services to be restored soon

Telkom’s suspended services in selected residential areas of Gauteng will be restored on Friday, May 10, as the South African (more)
1 day 11 hours ago
Bad mobile experience reflects badly on brand - Google

Honey Ogundeyi, industry manager at Google Nigeria, has said companies and brands that do not have mobile optimised websites stand the risk (more)
1 day 11 hours ago
Windows update underway, hits 100 million sales

Windows has announced an update of Windows 8 as it crossed the 100 million count in license sales within a semester of release.
1 day 12 hours ago
Health APP, an answer to many

Avallain, a health information application developed by medical practitioners, has moved to fill a market gap by adding two sections to (more)
1 day 12 hours ago
Mobile web is catching up with SMS advertising - Elo Umeh

Elo Umeh, chief executive officer (CEO) of Twinpine, has described SMS as the most efficient advertising platform in Nigeria.
1 day 13 hours ago
Food startup Hellofood secures US$20 million in funding

Hellofood, which owns food delivery service foodpanda, has secured more than US$20 million in funding from a group including Investment AB (more)
1 day 13 hours ago
Ivory Coast telecoms risk losing licences

Telecommunications companies in Ivory Coast risk losing their licences due to poor service, while the government is also seeking to ensure (more)
1 day 14 hours ago
BD’s paywall roll-out anticipated

BusinessDay’s digital paywall platform is expected to launch today (Tuesday), after its planned release on Monday, May 6, failed as a (more)
1 day 15 hours ago
Mobile Web West Africa 2013 underway in Lagos

The 2013 edition of Mobile Web West Africa 2013 is officially underway in Lagos, beginning with its first ever Focus Day.
1 day 15 hours ago
CBN’s iTeller speeds up cheque truncation

The Central Bank of Nigeria (CBN) has launched a cheque truncation system on its iTeller platform in order to meet national cheque (more)
1 day 16 hours ago
TweetDeck loses identity

TweetDeck, the popular application which allows users to manager and filter multiple Twitter streams, no longer exists as a registered (more)
1 day 16 hours ago
Kenya’s Not In My Country appeals to citizens' patriotism

Not In My Country launched in Kenya last month and is hoping to appeal to people’s sense of patriotism as they look to highlight and (more)
1 day 17 hours ago
Samsung S4 unveiled in Nairobi

The Samsung Galaxy S4 has launched in Kenya, two weeks after it was unveiled in South Africa.
1 day 17 hours ago
SAP to host business transparency talks

Technology software company SAP will be hosting a series of conferences, seminars and round tables in Johannesburg, South Africa, to (more)

Featured news

Related news

Follow African Tech scene

Advertisement

Most read

Latest by country

HumanIPO Twitter feed

Latest by category

Broadcasting

Policy

Altech chief gives up bonus

FB comments

Latest news

OPINION: Social media is as real as its users

KT Corp circling Telkom business again

SA e-commerce startup sees rapid sales increase

NGO embarks on giving Kenyan girls ICT training

Digital content producers in Nigeria need to take a stand – Nkiru Asika

Moscow court rejects Google’s video appeal

Vodacom hits back at Telkom off limits

Xhosa Mobile supplies medical aid

SEACOM adds Epsilon operators in partnership

Cell C deny claims of unpaid ICASA fees

LinkedIn turns 10

SKA sets up UK presence

BitTorrent heads to monetization by releasing bundles

Tanzania Revenue Authority revamps website

Altron reveal extent of losses

Q&A: Social media not a replacement, but complement to traditonal PR

Google Maps facelift likely at I/O conference

Altech shares tumble

East Africa single tourist visa held back by poor tech infrastructure

Cybercrime threatening Rwanda’s IT development

Motorola’s injunction abused its position - EU

Reporters discuss impact of technology in Sudan

Adobe starts subscriptions for its desktop apps

US Senate Approves Online Sales Tax Plan

Health APP, an answer to many