Grand Parade Investments 'moves swiftly' to make replacement appointments

Hassan Adams (Supplied)
Hassan Adams (Supplied)

Cape Town - After the unexpected announcement of the resignation of Tasneem Karriem as CEO and Shaun Barends as financial director, food and gaming firm Grand Parade Investments [JSE:GPL] has "moved swiftly" to make replacement appointments, the company said in a statement issued late on Tuesday afternoon.

Among other things, GPI holds master franchise licences in SA for Burger King, Dunkin' Donuts, Spur Corporation and Baskin-Robbins.

Hassen Adams, the executive chair has stepped in to take over the role as acting CEO and Colin Priem will replace Barends as the financial director.

In addition, Jayson October has been appointed as the deputy chief financial officer and Mohsin Tajbhai as the group operations executive.
Colin Priem currently serves as a non-executive director on the board of GPI and will step down from the board.

Rashied Hargey, a current non-executive director, will replace Priem on the audit and risk committee, the remuneration and nomination committee and the investment committee.

Prof. Walter Geach, who currently serves as a member on the audit and risk committee, will assume the role of chair of the audit and risk committee.

“These changes will be effected by 1 July 2018 and I am quite confident that with the new-look GPI that we will be able to continue to strive for excellence,” Adams said in the statement.

Fin24 reported in April this year that Karriem resigned after less than a year at the helm. No reasons were cited for her resignation.

Last year GPI introduced strategic changes to its executive - Karriem was one of the new appointments. She was the first female CEO in the history of the company, Fin24 previously reported.

Former group CEO Alan Keet resigned in March 2017 to head the food division, Grand Foods. The board took the decision that it was best for Keet to focus on the foods decision and drive Burger King to profitability.

By late afternoon trade the share price was up 7.78% at R1.94 per share.

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