Maasdorp, who joined the board as an independent non-executive director in 2009 and was appointed chairman in 2010, will formally take up his position on 24 October 2014. He will however, be working with Thompson until then to ensure a smooth transition.

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“I am honoured and excited by the opportunity to lead ADvTECH in this new capacity as CEO,” he said.

Maasdorp, currently chairman of the board of directors, will take over the reins from current CEO Frank Thompson, who announced his intention to retire last year.

“It has been a pleasure and privilege to lead ADvTECH over this time. We have a great team of professionals at every level in our group and I am very proud of all they do for our students and employment candidates,” Thompson said at the time.

(READ MORE: ADvTECH CEO announces retirement)

“The group’s roll out of new investments, which now total three billion rand, will deliver exciting real growth through the next decade. I look forward to continuing working with my colleagues next year at the same time as we achieve a successful management transition.”

In light of his appointment, Maasdorp has resigned as chairman of the board and Jeff Livingstone has been appointed acting chairman.