Shoprite announces date for Wiese’s exit
● 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.