RESTRUCTURING ON TRACK
Dawn falters after board reshuffle
Distribution and Warehousing Network (Dawn) saw its share price plunge more than 31% on the JSE on Wednesday. The fall came after it announced a series of executive appointments and departures on Friday. The maker of branded hardware, sanitaryware, kitchen, engineering and civil products says it continues to grapple with fallout from the global economic crisis and the continuing general economic downturn in SA. It has branches across SA and in selected countries in Africa, including Mauritius. New CEO Edwin Hewitt replaces Stephen Connelly on April 1. Connelly will now become executive deputy chairman of the group. Dawn announced on Friday that group chief financial officer and executive director David Austin had resigned with effect from the end of June 2017. "The board will immediately commence with the process of recruiting his replacement," Dawn said on Wednesday. Connelly, formerly CEO of JSE-listed industrial products supplier Hudaco Industries, had helped stabilise Dawn durin...
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.