GPI appoints new director ahead of showdown with activist shareholders
Embattled empowerment group Grand Parade Investments (GPI) has made a key change to its board of directors just days ahead of a showdown with activist shareholders. Last week GPI, which holds the master franchise for iconic fast food brand Burger King and minority stakes in cash-spinning gaming assets, announced that Mohsin Tajbhai has been appointed with immediate effect. Tajbhai, a structural engineer, served as COO of manufacturing and properties at GPI before taking the role as group COO. The appointment was made ahead of Wednesday’s reconvened extraordinary general meeting, where shareholders will be asked to vote on calls from a group of shareholder activists to appoint four nonexecutive directors with fast-moving consumer goods and strategic experience to the board. The activists believe the board shakeup will provide oversight on corporate governance and capital allocation at GPI, which trades at a discount of more than 50% to its official sum-of-the-parts valuation. The app...
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