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CEO of Bytes Technology Neil Murphy has tendered his resignation and has notified the board that he has made a number of trades that weren't disclosed, the company said on Wednesday.
JSE-listed Bytes, a former subsidiary of Altron, said in a statement the trades were also not disclosed to the market in compliance with regulatory requirements.
"The board is working to clarify the details of these undisclosed trades," it said in a statement. According to the information provided to the board, Murphy's holding of Byte's shares remained unchanged from the position notified to the market on 28 November. Then, he had about 2.9 million shares, or about 0.8% of its shares.
The group said that Sam Mudd, executive director and MD of Byte's business Phoenix Software, will assume the role of interim CEO.
Bytes has a secondary inward listing on the JSE, which it joined in 2020 when it was demerged from Altron. Its main listing is in London, where it is valued at about £1.2 billion (R28.5 billion). It is focused on the UK and Ireland, with business interests such as security, AI, and cloud services.
READ | Bytes Technology gets boost from hefty public contracts, AI trend
The shares of the group were down about 6.5% on Wednesday afternoon, but have still risen by more than half in the past year.
