Empowerment group Grand Parade loses yet another executive
Chief financial officer Shaun Barends is the fourth top executive to go in a year
The boardroom at empowerment group Grand Parade Investments (GPI) is looking alarmingly short of executives. On Friday afternoon, the company, which holds the Burger King master franchise agreement for Southern Africa and gaming assets, announced the resignation of chief financial officer Shaun Barends with effect from the end of June. Barends is the fourth top executive to depart GPI in the past year. GPI’s share price finished stronger, though, closing up almost 5% at 236c. But there has been an increasing clamour from shareholders about pushing GPI’s executives for a more concerted effort to unlock value. The company, which also holds an influential stake in restaurant franchisor Spur Corporation, reported a 693c/share intrinsic net asset value (NAV) at the end of 2017. A terse statement on Sens noted that Barends, who was appointed to the post only in July 2017, would be exploring other business interests. GPI said proceedings to appoint a successor were under way and details wo...