Shoprite loses independent director after Wiese re-elected
JOHANNESBURG – Shoprite Holdings Ltd.’s lead independent director, Shirley Zinn, resigned abruptly, two days after Christo Wiese’s almost 30-year stint as chairman was extended despite a majority of investors voting against his reappointment to the board.
Africa’s biggest supermarket chain is now down to five non-executive directors and the company gave no reasons in a statement on Wednesday for Zinn’s departure. She also declined to comment on her decision to leave when contacted by phone.
The Shoprite board met on Monday to map out a way forward following the vote at its annual general meeting, where holders of more than 61% of the shares opposed Wiese’s re-election. Earlier this week, Zinn said succession planning with regards to the chairman position was underway.
Source: iol.co.za