SOUTH AFRICA – BRIAN Joffe, who founded Bidvest Group almost 30 years ago, plans to step down as CEO after the food-services unit is spun off and shares sold on the JSE.
Mr Joffe, would hand over to Lindsay Ralphs, currently CEO of the company’s South African unit, Mr Joffe said in on Monday. He would continue as a director to deal with “strategic issues” when needed, he said.
“I will continue to play a role in SA to ensure that my expertise and experience that I have gained over the years will be made available,” he said.
Mr Joffe founded Bidvest as Bid Corporation in 1988 and has built the Johannesburg-based company into a conglomerate with interests ranging from car dealerships to catering and pharmaceutical products.
Bidvest announced in February that it would sell shares in its food-services business in Johannesburg, 15 months after abandoning a plan to list the unit in London.
The shares declined 0.2% to R359.97 as of 1.49pm, valuing the company at R121bn.