Investment company Stellar Capital Partners — which has retail tycoon Christo Wiese as a major shareholder — may be in line for a restructuring now that CEO Charles Pettit has said he will be stepping down. Pettit, who is regarded as a deal-making dynamo, was instrumental in setting up Stellar from the remnants of the old ConvergeNet group. Stellar’s main investments include controlling stakes in asset management businesses Prescient and Cadiz as well as security technology business Amalgamated Electronic Corporation (Amecor). The company holds influential stakes in electronics manufacturer Tellumat and JSE-listed industrial conglomerate Torre. Pettit was the prime mover in the founding of the R1.6bn-a-year Torre, which was built up by acquisition from the small (and struggling) SA French Ltd. Stellar said in a Sens announcement that although Pettit would resign at the end of August, he would continue to serve as a director on the boards of certain investee companies and would also ...
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