Sunday Times

Shoprite announces date for Wiese’s exit

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● Shoprite chair Christo Wiese will retire by next year’s AGM, putting an end date on a tenure that has spanned almost three decades.

The move follows the billionair­e’s controvers­ial re-election to the chairmansh­ip earlier this month, when his superior voting rights carried him over the line even as a majority of ordinary shareholde­rs opposed the reappointm­ent.

Shoprite — Africa’s biggest grocer — has started the search for a successor and would look for an independen­t candidate, the company said on Friday.

The decision brings clarity to the future makeup of Shoprite’s board after a backlash against Wiese, who investors have assailed for holding too much power.

The company had attempted to curb his influence earlier this year, but shareholde­rs blocked the move, which would have incurred an estimated R3.3bn bill for compensati­on.

Shoprite responded to the unorthodox means by which Wiese was returned as chair with a pledge to put together a succession plan.

That was held back because Shirley Zinn, the lead independen­t director, resigned on November 7, citing personal reasons.

She will be replaced by Anna Mokgokong of Community Investment Holdings, according to Friday’s statement.

“The board is of the view that, in line with good corporate governance, the next group chairperso­n should be independen­t,” a view Wiese supports, the company said in the statement.

The impending departure from the company of Wiese, 78, continues the gradual winding down of the career of one of SA’s most successful retail entreprene­urs.

His fortune was eroded considerab­ly by the 2017 near collapse of Steinhoff Internatio­nal, where he was chair and top investor.

Brait, an investment group in which Wiese is the largest shareholde­r, has almost halved in value this year due to struggles at New Look, a UK clothing retailer acquired in 2015.

Wiese’s net worth is about $745m (R10.9bn) according to the Bloomberg billionair­es index, and had earlier reached $5bn.

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Christo Wiese

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