Akoojee to hold fort at Imperial as Arbee recovers

Imperial Holdings chief financial officer (CFO) Mohammed Akoojee will double as acting CEO while Osman Arbee is on medical leave, the company said on Monday.

This will not delay the proposed unbundling of Imperial’s vehicle division into a separately listed company — Motus — Imperial said on Monday.

This unbundling had been on the cards for years and in 2016 the two businesses began operating separately, according to investor relations manager Esha Mansingh. The two businesses were run off separate balance sheets. They were now in a position where they could be listed separately.

Mansingh said Imperial’s executives first began to discuss an unbundling as the “best way to turn Imperial’s fortunes around”, soon after Mark Lamberti joined as CEO in March 2014. Lamberti then left his role in April this year and was replaced by Arbee.

After Arbee replaced Lamberti the group announced a decision to split into Motus, which would be headed by Arbee, and the remaining logistics business, which would be headed by Akoojee.

Arbee was expected to be back at work in January 2019 when he will continue in his role as CEO of Motus.

Imperial said Arbee suffered a minor stroke after undergoing surgery in June, causing his recovery period to be longer than expected. He was expected to make a full recovery.

“In the interim, the proposed unbundling of Motus remains on track and will continue as previously announced. The management structures of both Imperial Holdings and Motus and the current Motus finance structure are sufficient to provide appropriate support during Osman’s absence,” Imperial said.

Motus distributes and retails vehicles and related products and services in Southern Africa, the UK and Australia.

Ockert Janse van Rensburg would be acting CEO of Motus in addition to his role as the CFO of Motus while Arbee was on medical leave.

Janse van Rensburg has been with the Imperial Group since January 2015, where he previously served as CFO of its vehicle import and distribution business. He was appointed as CFO of Motus in January last year.

Imperial’s annual results for the year to June 2018 would be presented on August 21, as originally scheduled.