Harvey bails out from Siltek
- 20 July, 2001 09:53
Distributor Siltek Asia Pacific's CEO, Bruce Harvey has left the country and not re-applied for an extension of his short-term contract which expired on June 30. Former operations manager Derek Millingham is acting as CEO while the South African holding company assesses its options.
Millingham confirmed that Harvey's six-month contract had expired, he had not sought to renew it and that the company was currently without a nominal head.
"We have had a South African director from the holding company [Siltek] out virtually every two weeks as they try to position the company going forward," he said.
Millingham also responded to rumours the company was imploding through shrinking revenues and lapsing vendor arrangements.
"It was made clear in March what the strategy changes were," he said. "We decided that we would do retail on our terms. If retailers wanted to buy from us it would be at our margins not their margins and we announced our product portfolios which meant the splitting of ways with Toshiba.
"We created an imaging and storage distribution company and that is how we stand today.
"Yes, revenues have declined from 12 months ago, but in the product portfolios we decided to keep, they have been remaining constant. Our revenues are consistent with the revised budget that we did when we restructured [in March]."