Spur Corporation's [JSE:SUR] CEO, Pierre van Tonder, will retire at the end of the year after leading the restaurant group for 24 years.
Spur owns Spur Steak Ranches, Italian food franchise Panarottis, seafood restaurant John Dory's, burger joint RocoMamas and steak restaurant Hussar Grill.
"Pierre (61) has served as managing director/CEO since 1996. He joined the group in 1982 as a junior restaurant manager and was appointed to the holding company board 10 years later," Spur said in an update to shareholders on Monday morning.
According to chairperson Mike Bosman, the group had shown "strong growth" under van Tonder's leadership. It owns over 640 restaurants in South Africa and has a presence in 20 countries internationally. The search for a new CEO has already begun.
Earlier this year, Spur reported that its revenues had fallen dramatically as a result of the lockdown that prevented its restaurants from trading. The group's shares were trading 1.40% stronger on Monday morning.