Biz Headlines: Christo Wiese resigns as Shoprite chair after 41 years & Two women take CEO, CFO positions at Spur + More

Two women take CEO, CFO positions at Spur

Val Nichas has been appointed as the new CEO of the Spur Corporation, which also owns Panarottis, John Dory’s, RocoMamas and Hussar Grill. Nichas was formerly the managing executive for quick service restaurants at Famous Brands, which owns Steers, Debonairs Pizza, Wimpy, Mugg & Bean, Fishaways and Milky Lane. 

Spur also announced that its CFO, Phillip Matthee, has requested to stand down from his current position for personal reasons. He will take a senior operational role within the group’s finance department.

Cristina Teixeira, previously CFO of Group 5 and the Consolidated Infrastructure Group, will take his place.

Christo Wiese resigns as Shoprite chair after 41 years

Christo Wiese will retire as a chairman of Shoprite next month. Wiese has been Shoprite’s chairperson since 1979, and will be followed up by the chairperson of Absa, Wendy Lucas-Bull. Last year, shareholders holding 61% of the shares in the company voted against his re-appointment as chairman.

Wiese was once South Africa’s richest man, Bloomberg reported. But much of his wealth was lost after he exchanged Pepkor for shares in Steinhoff. He was its biggest shareholder at the time 90% of its share value was wiped out, and is currently suing Steinhoff for R59 billion.

Rand at the best level in a week

The rand reached R16.67/$ this morning – its best level in a week. The currency has recovered from a low point of R17.23 a couple of days ago. Risk appetite improved overnight amid renewed hopes for a stimulus deal in the US, and positive US jobs data.

Also, South Africa’s trade surplus increased in August, with the country exporting R38.9 billion more than it imported. Exports were up almost 9% than a year ago.

Big day for spectrum

Icasa is expected to publish an invitation for telecommunication companies to apply for spectrum today. Mobile operators have long blamed the lack of spectrum for SA’s high data prices. 

In July 2016, Icasa invited applicants for spectrum licences, but the courts halted the process. Government argued that its policy regarding spectrum had not yet been finalised and that the sale risked only benefitting big companies with access to capital.

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