SOUTH AFRICA – Grand Parade Investments Limited (GPI), an empowerment company with holdings in the food sector has announced the resignation of its chief executive officer (CEO), Prabashinee Moodley.
Prabashinee Moodley has resigned from position of CEO after less than five months of service in the company.
“Given Ms Moodley’s passion and expertise in food service and retail, Ms has decided to step down from her position due to the current market sentiment with regards to the quick service restaurant industry,” was the reason given by Grand Parade.
However, the company is yet to give directions on who takes after Ms Moodley.
“An announcement will be made in due course when a successor has been appointed,” Grand Parade said in a statement.
Tasneem Karriem, Moodley’s predecessor, who was appointed Grand Parade’s CEO in June 2017 also resigned in April.
This was followed by the resignation of the firm’s Chief Finance Officer, Shaun Barends in May this year.
Investors have expressed their concerns in the recent turn of events in the company’s management arguing that the group seems unable “to attract and retain the best talent, which is a crucial underpin for Grand Parade’s long-term success”.
This comes five months after the grand parade expressed high hopes in Ms Moodley during his appointment.
“Prabashinee is an experienced quick service restaurant executive and has held senior positions at Dunkin Brands and McDonald’s Corporation, both in the US and globally,” said Grand Parade during the appointment in July this year.
Grand Parade in its defense has said that there are no leadership challenges within the company and that the recent executive departures are related to personal reasons and family commitments.
More recently, GPI has diversified into the food sector, through the acquisition ofmaster franchise licences for Burger King, Dunkin’ Donuts, and Baskin-Robbinsin South Africa.
The company operates in the food sector under the brand names Burger King, GrandMeats, Dunkin’ Donuts, Baskin-Robbins and Spur Corporation limited.