Rugby-Teichmann replaces Smit as Sharks boss

DURBAN, July 20 (Reuters) - Former Springbok captain Gary Teichmann was named the new chief executive officer of the Sharks Super Rugby franchise on Wednesday, replacing fellow ex-South Africa 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 between 1996 and 1999, being handed the armband after just six matches for the Boks. Smit departs in October after three years in the job under a cloud as 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 percent of the Sharks with the majority belonging to the KwaZulu-Natal Rugby Union. (Reporting by Mark Gleeson in Cape Town; Editing by Amlan Chakraborty)