Dennis Venter has resigned as co-CEO and board member of JSE-listed IT services group iOCO with immediate effect.
In a statement to shareholders after markets closed in Johannesburg on Wednesday, iOCO said Venter has decided to pursue his other business interests. The company thanked him for his leadership and contribution during his tenure.
Venter was appointed co-CEO alongside Rhys Summerton in February 2025, replacing interim CEO Marius de la Rey. Both he and Summerton had joined the board of the group – then still known as EOH Holdings – as non-executive directors in May 2024, where they played a central role in the company’s restructuring committee before stepping into the executive leadership roles.
Under the co-CEO structure, Venter was responsible for driving revenue generation while Summerton focused on capital allocation and group strategy. Both worked without a fixed salary, with their compensation tied entirely to iOCO’s share price performance. They were directly or indirectly associated with about 25% of the company’s shares.
The pair oversaw a continued turnaround at iOCO, which was at risk of collapse after becoming embroiled in state capture corruption scandals under its previous EOH branding. For the year ended July 2025, Ebitda —earnings before interest, tax, depreciation and amortisation — rose 68% to R516-million and operating profit surged 275% to R421-million, while the company swung to positive headline earnings per share for the first time in three years.
Leadership team
With the turnaround well under way, co-CEO Summerton told TechCentral in October that iOCO was gearing up for an acquisition spree, targeting four to six deals in the current financial year.
Read: iOCO goes desert storming with Saudi Arabia cloud expansion
iOCO said the executive leadership team will continue to comprise Summerton and group chief financial officer Ashona Kooblall. The board said it is confident the leadership team, together with the broader management group, is well positioned to deliver on iOCO’s long-term vision. — © 2026 NewsCentral Media
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