South African staffing firm Adcorp has announced that CEO and director Richard Pike and COO Nelis Swart have resigned from their positions, Pike as CEO and director, and Swart as COO, with effect from 31 July.

“In compliance with the listings Requirements of the Johannesburg Stock Exchange (JSE) Limited, shareholders are advised that the Board of Directors and Richard Pike have mutually agreed to separate with immediate effect, and Mr. Pike has therefore resigned as the CEO and a director of Adcorp with effect from 31 July 2017,” the company stated. “In addition, the Board and Mr. Nelis Swart have mutually agreed to separate with immediate effect, and Mr. Swart has therefore resigned as the Chief Operating Officer ("COO") of Adcorp with effect from 31 July 2017. The Board would like to thank Mr Pike and Mr Swart for their many years of dedicated service to Adcorp.”

The Board stated that it has finalised the selection of the new CEO and his identity and start date will be communicated once he has finalised his exit arrangement with his current employer. In addition, the Board has appointed Mark Jurgens, the current Global Executive for the Professional Services division within Adcorp, as the COO and an executive director of Adcorp. Jurgens will take up the role as acting CEO with effect from 1 August 2017 until the start date of the incoming CEO. In addition, the current CFO Cheryl-Jane Kujenga will be appointed as the acting COO with effect from 1 August 2017, in addition to her responsibilities as the CFO, until such time as Jurgens assumes the role of COO.

Adcorp’s revenue for the year ending 28 February 2017 was ZAR 16.1 billion (USD 1.2 billion), however trading profits were impacted as a result of a trading loss of ZAR 71 million (USD 5.4 million) incurred in the group's African operations outside of South Africa. The group has stated that it has significantly scaled back its operations in Africa outside of South Africa in order to prevent a recurrence of these losses.