iOCO Bolsters Board with Finance Veteran Lerato Pule, Signaling Aggressive Turnaround Phase
In a decisive move to fortify its governance for a new chapter of growth, JSE-listed IT services group iOCO has appointed former Cell C and Liquid Telecom CFO Lerato Pule to its board of directors. The appointment, effective December 4, 2025, marks a significant step in the company’s ongoing transformation from its former identity as EOH Holdings.
A Strategic Appointment for a New Era
Pule, a chartered accountant with a formidable reputation in the telecommunications and technology sectors, joins iOCO as an independent non-executive director. Her role extends beyond the main board; she will also sit on the audit and risk committee and will take the helm as chair of the social and ethics committee.
This appointment is far from a routine board update. It is a clear signal of intent from iOCO’s leadership. The company is systematically assembling a board with the specific financial and strategic expertise required to oversee an ambitious expansion plan, underpinned by a remarkable financial recovery.
Solidifying Governance Amid Financial Resurgence
The board restructuring is a direct response to iOCO’s dramatically improved financial position. For the fiscal year ending July 2025, the company reported a 68% surge in EBITDA to R516 million and a staggering 275% increase in operating profit to R421 million.
Perhaps more critically for a company once burdened by debt, iOCO has slashed its interest-bearing liabilities from R951.6 million to R658.6 million. Most importantly, the company is now generating strong free cash flow entirely from operations, not asset sales, giving it genuine strategic flexibility.
This robust financial foundation, as co-CEO Rhys Summerton recently indicated, has shifted the company’s focus from survival to strategic acquisition. With net debt under control, iOCO is now “well-positioned to resume strategic acquisitions,” likely targeting technology niches like cybersecurity.
The Broader Context: From Controversy to Consolidation
Pule’s appointment must be viewed through the lens of iOCO’s arduous journey. The company, formerly known as EOH, was previously hamstrung by governance issues and controversies surrounding state contracts. The recruitment of a high-profile independent director with Pule’s credentials—she also chairs the audit committee at Phuthuma Nathi Investments, which holds a stake in MultiChoice—is a deliberate move to burnish corporate governance and reassure investors.
Under the leadership of co-CEOs Summerton and Dennis Venter, iOCO is not just recovering; it is attempting to re-establish itself as a consolidator of technology firms in South Africa and beyond. The appointment of a CFO of Pule’s caliber, with extensive experience in complex, capital-intensive industries, is a powerful vote of confidence in this restructured financial health and its future M&A strategy.
If successful, this board-level reinforcement could be the final piece of the puzzle, enabling iOCO to fully shed its troubled past and revive the growth ambitions that were once a hallmark of the company.
This report is based on information originally published by TechCentral.