Mark Lamberti resigns from Eskom board

Mark Lamberti

Businessman Mark Lamberti has resigned as a director from the Eskom board. Minister of Public Enterprises Pravin Gordhan announced that Lamberti had tendered his resignation on Friday night and that it had duly been accepted. The resignation comes in the wake of a recent judgment by the North Gauteng High Court which found Lamberti guilty of discrimination after referring to a former employee as a female employment equity candidate. In his letter‚ Lamberti‚ who is chief executive of Imperial‚ stated: “This decision is motivated by my fiduciary duty to Eskom…

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Burger King’s SA owner loses its third exec in less than a year

Grand Parade Investments

Grand Parade Investments (GPI), which owns the SA franchises of Burger King, Dunkin’ Donuts and Baskin-Robbins, has seen a sharp slump in its share price after another in a string of resignations from the company. Tasneem Karriem resigned after just ten months as CEO of Grand Parade Investments. No reasons were given for her resignation. In March last year, GPI announced that its then CEO Alan Keet would resign from the role to become CEO of its food division. He also resigned from the board. The company hasn’t made any…

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Consol returns to the JSE

Mike Arnold

Glass-packaging manufacturer Consol will be making its reappearance on the JSE’s main board after an absence of ten years on the local bourse. The R6.2 billion annual revenue group is SA’s largest glassmaker boasting a more than 70% market share of the local glass-container market – outweighing close competitor Nampak, which claims a market share of about 20%. A successful listing of Consol, which is expected in May, might give the company a value of between R10 billion and R75 billion – a range in line with its soon-to-be JSE…

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Absa CEO Maria Ramos takes R37 million salary

Maria Ramos

Absa CEO Maria Ramos was paid a total package of R37.6 million for the 2017 financial year, almost matching what Nedbank CEO Mike Brown earned. Brown is typically known as the highest-paid CEO in the retail banking space, which covers the country’s ‘big five’ banks, including Capitec. He earned R38.1 million last year. Ramos’ total pay package was made up of a basic salary of R8.23 million, benefits of over R328,000, bonuses of R12.5 million and deferred income from previous years totalling R16.6 million. Absa paid its top five executives…

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Former DiData CEO invests R10 million into new social media platform

Brett Dawson

Social discovery and messaging platform, Gather Online, has announced that former Dimension Data chief executive, Brett Dawson, will be joining its board of directors as chairman, accompanying his investment of R10 million to support the company’s planned international expansion. With South African-born founders, Gather Online has been dubbed ‘Snapchat for groups’ and the service offers time-limited access to discussions on a wide variety of topics from careers and business to travel and health. “Gather Online enables people to shift from passively consuming content, as is often the case with existing…

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Imperial CEO apologises for remarks to employee after ruling

Imperial Holdings Chief Executive Officer Mark Lamberti apologised for comments made to former senior employee Adila Chowan after a court found him guilty of “impairment of dignity”. While the High Court in Pretoria ruled that there was no evidence of racial or gender discrimination by Lamberti or the South African industrial company, the CEO said he “apologises unreservedly” for the remarks. He hadn’t intended to “insult or demean her in any way,” Lamberti said in a statement Tuesday. According to the Johannesburg-based Times, Lamberti called Chowan a “female employment-equity” appointment…

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Nedbank chief Mike Brown’s pay falls 2% to R38m

Mike Brown

Nedbank Group chief executive Mike Brown’s total remuneration fell 2.3% to R38.12 million in 2017, as short-term incentives awarded to executive management were adjusted in line with the group’s performance. Mike Brown’s Pay Source: Nedbank Group Integrated Report 2017 The banking group’s short-term incentive pool dipped by 0.3% to R2.38 billion in 2017, as overall headline earnings grew by 2.8% in 2017 compared with 5.9% in 2016. Group headline earnings were hit by the underperformance of Nedbank’s pan-African unit Ecobank Transnational Incorporated (ETI), headquartered in Togo, with headline earnings from…

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MTN CEO scores massive R40 million payday

MTN Group CEO Rob Shuter walked away with a cool R40 million salary in 2017 – while his predecessor, Phuthuma Nhleko scored R42 million as part of his farewell package at the company. The salaries were published as part of MTN’s integrated annual report for the 2017 financial year, which ended December 2017. MTN paid a total of R269.34 million to it executive and non-executive directors and prescribed officers during the year, with executive salaries, including Shuter, Nhleko and CFO Ralph Mupita taking home 37% of that (just over R100…

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Tencent president sells $55 million worth of company shares

The president of Tencent, Asia’s most valuable listed company, has sold 1 million of his shares in the company at a premium of 5.4% to Wednesday’s closing market price, according to a regulatory filing. Martin Lau sold the shares in Tencent, whose stock more than doubled in value in 2017, at an average price of HK$434.36 ($55.35) a piece, reducing his stake to 0.48% from 0.49%, the stock exchange statement said. The sale comes after Tencent’s largest shareholder, Naspers Inc, last week sold a 2% stake for $9.8 billion, the…

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Steinhoff ex-CEO Jooste refuses to speak to SA lawmakers

Markus Jooste, former chief executive officer of Steinhoff International Holdings, may be subpoenaed to speak to South African lawmakers after he declined to appear before them for a second time. The government wants Jooste to account for the near collapse of the group he helped to run for almost 20 years after Steinhoff said in December it had uncovered years of accounting irregularities and the share price plummeted more than 90%, wiping out almost $12 billion of value. Jooste resigned as the retailer made its shock announcements and has not…

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