SOUTH AFRICA – Grand Parade Investments (GPI), a South African restaurant and gaming group, has announced that Dr Hassen Adams will step down as executive chairman of the company effective 30th June this year.
The group, which holds master franchise for Burger King outlets in the country, said Adams will assume the role of non-executive chairman from July, reports IOL Business.
The co-founder of Grand Parade Investments Limited is also executive chairman of Burger King South Africa and non-executive chairman of SunWest International.
In April this year, Adams reduced his holding by in the Johannesburg Stock Exchange (JSE) listed group by 37.6% after selling 20-million of his shares valued at US$4.29 million (R60 million).
Following the disposal, he currently holds about 8.4% stake at GPI as the third-largest shareholder after the Chandos Trust which controls a 9.94% stake and Value Capital Partners (VCP)-an empowerment group- which controls a 16.42% stake.
Adams holds directorships in diverse industry sectors including construction, gaming, shipping, entertainment and leisure and has extensive experience in corporate finance and has been instrumental in establishing a number of successful businesses.
“GPI thanks Dr Adams, one of the founding members of GPI, for his vision, foresight and contribution over the years. The Board wishes him well in his new role and looks forward to his continued guidance,” the company said in a statement.
Among other recent notable restructurings that the firm has undertaken include a 18.5% stake reduction held in the steakhouse restaurant chain Spur Corporation as it shifts focus to the Burger King brand.
While presenting its financial results for the six months end December 2018, GPI said that it has plans of opening 15 new Burger King outlets a year over the next three years across the country to help boost its revenues.
The group had also managed to stabilise its management after recent calls by shareholders for a shake-up of the board of directors for better corporate governance following a spate of executive departures that saw three chief executives depart in less than two years.
Early this year, GPI appointed Mohsin Tajbhai as acting chief executive in its strategy to streamline its business and shore up its investor’s confidence.