Nico Steyn, co-founder and CEO of IoT.nxt, the Internet of things technology specialist acquired by Vodacom in 2019, has stepped down with immediate effect.
Steyn will remain as a shareholder of the company and will continue to serve on the board. He will “assist in the leadership transition and will work with the executive team to drive the growth and innovation strategy of IoT.nxt in a new capacity”, the company said on Monday.
“As a founder, making this decision is not easy. However, I know the exceptional executive team that we have assembled over the past 18 months is well positioned to embrace the next phase of commercialisation and corporatisation that is required for IoT.nxt’s journey of globalisation,” Steyn said in a statement.
IoT.nxt chairman Wayne Fitzjohn said: “As we settle into the new managerial structure, we will be reviewing the leadership requirements in critical areas of the business with a view to ensuring we continue to deliver on our strategic objectives and global aspirations.”
Shane Cooper, who joined IoT.nxt in December 2019, and who currently serves as MD of IoT.nxt Africa, has been appointed as acting CEO until a replacement for Steyn has been found.
Steyn co-founded IoT.nxt in 2015 with partners Terje Moen and Bertus Jacobs. — © 2021 NewsCentral Media