By Alec Hogg
I was among those who were surprised when Advtech announced last August that its chairman, investment banker Leslie Maasdorp, would succeed long-time CEO Frank Thompson. He took over from 24 October. Just four months later, he’s gone.
Maasdorp’s successor as chairman Jeff Livingstone says “The Board thanks Leslie for his contribution to Advtech over many years. It respects Leslie’s decision and wishes him every success in the future.” Maasdorp’s predecessor Thompson has been appointed “interim CEO until a replacement is found”.
The private education group is trying to put a brave face on it with results for the year to end December released today that focus on a 71% jump in enrolments in the schools division and a 12% improvement in normalised earnings per share.
Thompson has wasted no time taking back the hot seat, quoted in the official release as saying: “2014 represents a new base line for growth. These results are a strong endorsement of our unrelenting focus on quality and student achievement.”
When interviews on his appointment, Maasdorp told me he was well prepared for the job: “The important thing is that I know the business since 2009 as a non-executive director and then as Chairman for most of the period, so I’m not new to the strategy of the business – not new to the sector at all. The company in the sector is very hot right now.”Maasdorp. But to leave so suddenly after throwing himself into the new role is, to put it mildly, a big surprise. As one might put it in a 140 character missive – WTF?
