EXECUTIVE OVERHAUL
Loss-making Dawn ‘bleeds no more’
Distribution and Warehousing Network (Dawn), a maker of branded hardware, sanitaryware, plumbing, kitchen, engineering and civil products, has staunched the bleeding after torrid years of leaking profits, says its new management team. But this did not stop the one-time owner of the Cobra taps brand reporting a loss for the interim period to September of R367m, from a profit of R60m in the same period in 2015. "The results are not pretty. But the bleeding has stopped — we have taken all the pain and grief," CEO Stephen Connelly said. He is to complete a 12-month contract at Dawn in May 2017, but succession plans are not yet known. This comes after a flood of top executives left the group in recent months. February saw the exit of Gerhard Kotzee, the then CEO of the infrastructure and Africa divisions, followed in May by former CEO Derek Tod and former chief operating officer Collin Bishop. Financial director Dries Ferreira and risk compliance officer Jan Beukes both left the group in...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.