Shake-up at Adcorp pleases market
The two top executives get the axe as ‘the fat incentives and shares they paid themselves did not endear themselves to some shareholders’, says an analyst
The arrival of two former Brait directors on Adcorp’s shareholder register has claimed the company’s biggest scalps to date: longstanding CEO Richard Pike, as well as chief operating officer Nelis Swart. Both have agreed to stand down with immediate effect, while the board, which is now led by Wiphold’s Gloria Serobe, has already drawn up a replacement CEO. Adcorp says his identity and start date will be announced once he’s "finalised his exit" with his current employer. Pike, who has been with the labour broker since 2000 and its CEO since 2001 said he would not comment further as he and Adcorp had made "confidentiality undertakings" to each other. But it is likely that Adcorp’s loss of fortunes have played a role in his departure — as well the recent arrival of new 12.6% shareholder Value Capital Partners (VCP), led by former Brait CEO Anthony Ball, and former Brait financial director Sam Sithole. VCP, which bills itself as an "engaged shareholder investment firm", entered the win...
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