Ad­corp brings two ad­di­tions to its board

The Star Early Edition - - BUSINESS REPORT -

JSE-LISTED Ad­corp Hold­ings yes­ter­day reshuf­fled its board, adding for­mer ANC heavy­weight Syd­ney Mufamadi to its board, two weeks af­ter Value Cap­i­tal Partners (VCP) ac­quired 12.5 per­cent stake in the group. Mufamadi would be joined on the Ad­corp board by Glo­ria Ser­obe as the new non-ex­ec­u­tive di­rec­tor. Ser­obe has also been ap­pointed as chair­per­son of the board. She is a found­ing mem­ber and ex­ec­u­tive di­rec­tor of Wiphold and chief ex­ec­u­tive of Wip­cap­i­tal and serves on sev­eral boards, in­clud­ing Sa­sol Min­ing, Hans Meren­sky and Old Mu­tual Emerg­ing Mar­kets. Ad­corp has wel­comed the ad­di­tion of the two and said their ex­pe­ri­ence would stand the com­pany in good stead. “The board wel­comes these two new direc­tors and looks for­ward to their con­tri­bu­tion to the board,” the com­pany said. Mean­while, Mfundiso Njeke, Non­to­beko Ndhlazi and Ti­mothy Ross have re­signed as non-ex­ec­u­tive direc­tors of the com­pany. VCP is run by for­mer Brait heavy­weights An­thony Ball and Sam Sit­hole. – Ka­belo Khu­malo

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