Shoprite chairman Wiese re-elected despite investor backlash

FILE PHOTO: South African tycoon Christo Wiese listens during an interview in Cape Town
JOHANNESBURG – Shoprite Holdings Ltd. reappointed Christo Wiese as chairman even after ordinary shareholders resoundingly voted against his re-election as a non-executive director.
Holders of more than 61% of the shares opposed his reappointment, Africa’s biggest grocer said Monday after its annual general meeting in Cape Town. The former billionaire only secured another term thanks to his own superior voting rights.
“We discussed succession planning in the context of the chairman and that process is underway,” Shirley Zinn, Shoprite lead independent director, said by phone.