Phumelela CEO John Stuart resigns

John Stuart, the CEO of embattled Phumelela Gaming and Leisure - which is under business rescue - has resigned with immediate effect, the company said on Friday.

Stuart was appointed to the position in September 2018, and has seen the company through financial difficulties which have been exacerbated by the impact of Covid-19, and South Africa's lockdown, on the horse racing industry. 

In a statement published on the JSE Stock Exchange News Service, the company said Stuart would be "stepping down as CEO and as an executive director....with immediate effect."

His successor was not immediately named. The horse-racing and betting operator recently announced that it had filed for voluntary business rescueas due to its deteriorating financial position, it was unable to pay creditors, partly because of the loss of income linked to the suspension of racing events.

John Evans has been appointed the business rescue practitioner of the the company. Stuart's predecessor, Rian du Plessis, resigned in September 2018 after 10 years at the helm.

ZAR/USD
16.90
(+0.80)
ZAR/GBP
21.17
(+0.35)
ZAR/EUR
19.09
(+0.47)
ZAR/AUD
11.73
(+0.44)
ZAR/JPY
0.16
(+0.91)
Gold
1763.40
(-0.14)
Silver
17.85
(-0.68)
Platinum
814.00
(-0.55)
Brent Crude
42.09
(+1.84)
Palladium
1904.00
(+0.39)
All Share
54798.58
(+1.88)
Top 40
50498.60
(+1.87)
Financial 15
10268.18
(+2.66)
Industrial 25
76371.49
(+1.51)
Resource 10
50956.38
(+1.95)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1535 votes
I am taking a hit, but should be able to recover in the next year
23% - 1996 votes
My finances have been devastated
34% - 2986 votes
It's still too early to know what the full effect will be
25% - 2170 votes
Vote