Comair in board reshuffle to please shareholders

January 23, 2020 Siyabonga Mtangana

Comair, South Africa’s only listed airline, moved to address corporate governance concerns among its shareholders yesterday by announcing four new directors to its board, an independent lead director, a new company secretary and a new chief information officer. Photo: Supplied

CAPE TOWN – Comair, South Africa’s only listed airline, moved to address corporate governance concerns among its shareholders yesterday by announcing four new directors to its board, an independent lead director, a new company secretary and a new chief information officer.

The new appointments follow a shake-up that saw eight long-serving directors resign last year, after questions were raised at the annual general meeting at the end of last October, including by 27percent shareholder Bidvest, about the independence of long serving board members.

The share price closed 2.92percent higher at R2.92 on the JSE yesterday, but the price is still well off the R5.19 that it was trading at a year ago. Comair has a 72-year record of profitability.

The new board appointments also follow recent executive changes – on December 16, joint chief executive (CEO) Wrenelle Stander became Group CEO of Comair, while joint CEO Glenn Orsmond became CEO of the Airlines division.

At the October annual meeting, Lindsay Ralphs, who is also CEO of Bidvest, replaced Pieter van Hoven, who had been on the board for 46 years, as chairperson. Ralphs told shareholders at the meeting that the issue of the long-standing board members was on his agenda.

Source: iol.co.za

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