Phumelela names Moses Tembe as new chair
Tembe, who was lead independent director, will replace Investec co-founder Bernard Kantor
Horse racing operator Phumelela Gaming & Leisure has named Moses Tembe as new chair, replacing Investec co-founder Bernard Kantor with effect from Tuesday.
Tembe joined Phumelela in August 2018 as lead independent director, and has also served on the boards of various JSE-listed companies, including Mr Price, Santova and Beige Holdings.
Kantor, who has been a nonexecutive director since Phumelela was founded, took over from Peter Malungani in December 2017.
The move comes after Phumelela said its year to end-July was the “worst in its history,” as it posted a R332.4m loss for the period.
The company has said it urgently needs fresh capital, having opted not to declare a final cash dividend to end-July.
It has warned of further cost-cutting even after retrenching 15% of its workforce, saying it has been hobbled by regulatory changes and weak economic conditions in SA.
Since the beginning of 2018, Phumelela’s share price has fallen 88.57%, giving it a market capitalisation of R205m on Wednesday morning.
Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.