Advtech CEO Says Schools Company Exit Down to Board Differences

Advtech Ltd. Chief Executive Officer Leslie Maasdorp said he left the South African private-schools company following differences with the board after seven months in the position.

“I’m very saddened and disappointed that the board and I have had to part ways,” Maasdorp said by phone on Monday. “I’m unable to provide any detail of the nature of the differences.”

Maasdorp was appointed as Advtech CEO in August after four years as chairman. The terms of the departure are confidential, the Johannesburg-based company said in a statement. Maasdorp will be replaced on an interim basis by Frank Thompson, hispredecessor.

South Africa’s education system was ranked the fifth-worst among 144 countries in a survey by the World Economic Forum last year, increasing the attraction of private schooling for those that can afford it. Advtech net income gained 7.3 percent to 167.1 million ($13.8 million) rand in 2014, the company said in a separate statement.

The shares fell as much as 3.5 percent and traded 2.6 percent lower at 8.79 rand as of 9:26 a.m. in Johannesburg, the lowest since Jan. 26. The company is valued at 3.7 billion rand. Source: Bloomberg