Shoprite investor seeks to curb Wiese power with director
JOHANNESBURG – A Shoprite Holdings Ltd. shareholder nominated a veteran retail executive to the board of Africa’s biggest grocer in an attempt to reduce the influence of Chairman Christo Wiese — part of a wider investor pushback against the former billionaire.
Wiese, 78, has been chairman of the Cape Town-based company for almost three decades and has more voting rights than any other shareholder. He is standing for re-election as non-executive director at the supermarket giant’s annual general meeting next week.
All Weather Capital nominated former Pepkor Ltd. head Jan le Roux, 69, as a director, a move that will be voted on at Shoprite’s annual general meeting on Monday. Wiese is the former owner of Pepkor and developed the company into a pan-African clothing retailer before agreeing to sell to Steinhoff Holdings International NV in 2014.
Source: iol.co.za
