Skip to main content

Shoprite starts search for Christo Wiese replacement

| On the move

Christo Wiese, the long-time chair of Shoprite, has indicated he will resign before the next Shoprite annual general meeting (AGM), in an announcement made by the listed retailer on Friday.

Shoprite has started a search for his replacement, who will be independent, it said. Wiese has been chair since 1979.


The move comes after he got only 28% of ordinary shareholder votes to back him as chair and a last-minute attempt to vote an independent shareholder on to the board to counterbalance Wiese’s power.

The Shoprite statement read: “As was noted at the group’s recent AGM, succession planning is a key priority for the board. This is echoed by the current group chair, Dr Wiese, who has indicated his intention to retire as chair by the next AGM.”

It also stated that the next chair will be independent. The “process to find a suitable independent successor has commenced”.

The shake-up in Shoprite’s leadership started when only days before the AGM, Shane Watkins, chief investment officer of All Weather Capital, which holds 3.2-million Shoprite shares, nominated Jan le Roux, a former CEO of Pepkor, as a nonexecutive director of Shoprite.

Watkins previously told Business Day this was to counter Wiese’s dominance: “We are concerned that the majority of recent corporate implosions have been facilitated by one very dominant individual director. Jan [Le Roux] is a significant minority shareholder and his interests are aligned with other minority shareholders,” Watkins said.

Watkins was an outspoken critic of Shoprite’s proposal earlier to pay Wiese R3.4bn for the repurchase and cancellation of all of his deferred shares.

Le Roux did not win a place without Wiese’s backing, as the chair holds 42% of voting rights due to his share ownership.

After the unusual attempt to counter Wiese’s control of the board, independent director Shirley Zinn resigned unexpectedly.

On Friday, Shoprite announced that it had appointed entrepreneur and investor Anna Mokgokong in Zinn’s place as independent director and as head of the remuneration committee.


Pin It

Related Articles

Woolworths Foods gets new CEO as Rylands confir...

By:  Helena Wasserman – News24 Zyda Rylands, the CEO of Woolworths Foods, will be leaving the company at the end of August, the group confirmed on Thursday (14/03/2024).

Checkers is printing money with Sixty60

By: Bianke Neethling - MyBroadband Since launching in 2019, Shoprite’s Checkers Sixty60 on-demand grocery delivery service has shown exceptional growth and generates an estimated R10 billion annually.

Spar has big plans for its electrified Checkers...

By: Myles Illidge – MyBroadband Spar has a fleet of 65 electrified vehicles delivering goods through the retailer’s rapid online delivery service, and a combination of grid and solar power charges them. Blake Raubenheimer, omnichannel executive...

FNB says you can now earn eBucks rewards from S...

By: Ashley Lechman – Business Report One of the country’s largest and popular bank’s, FNB, has announced that customers will now be able to earn eBucks at SPAR retailers.

Saltzman family selling off the family silver a...

By: Edward West – Business Report The Saltzman family that founded Dis-Chem Pharmacies have sold properties and shares in the group worth about R15 billion last week.