Former Springbok captain Gary Teichmann has been named the new CEO of the Sharks Super Rugby franchise, replacing fellow ex-South African skipper John Smit.
Teichmann, who had run his own civil engineering firm, played for the Sharks when Super Rugby was launched in 1992 and captained South Africa in 39 Tests from 1996-99, being handed the armband after just six matches for the Boks.
Smit departs in October after three years in the job during which income has declined alarmingly, forcing the struggling local rugby union to sell shares in the franchise this week to raise cash to clear debt.
Broadcaster SuperSport has increased its share to 49 per cent of the Sharks with the majority belonging to the KwaZulu-Natal Rugby Union.
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