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$154 million) 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).
