Christo Wiese to retire from Shoprite
JOHANNESBURG = Shoprite Holdings Ltd. Chairman Christo Wiese will retire from Africa’s biggest grocer by next year’s annual general meeting, putting an end date on a tenure that has spanned almost three decades.
The move follows the former billionaire’s controversial re-election earlier this month, when his superior voting rights carried him over the line even as a majority of ordinary shareholders opposed the reappointment. Shoprite has started the search for a successor and will look for an independent candidate, the company said Friday in a statement.
The decision brings clarity to the future makeup of Shoprite’s board after a backlash against Wiese, whom investors have assailed for holding too much power. The Cape Town-based company had attempted to curb his influence earlier this year, but shareholders blocked the move, which would have incurred an estimated 3.3 billion-rand ($224 million) bill for compensation.
Source: iol.co.za