Shake-up at Burger King franchise owner
Consumer brand experts Mark Bowman and Ronel van Dijk have been brought on board as nonexecutive directors of GPI
Next week’s AGM of embattled empowerment group Grand Parade Investments (GPI), which owns the master franchise for Burger King in SA, should be an intriguing affair after a group of shareholder activists, speaking for 12.5% of the company, appointed two new directors to the board on Wednesday night. The changes in the boardroom coincided with news that highly regarded turnaround specialist Value Capital Partners (VCP) had taken an 8.05% stake in GPI. VCP’s recent buying spree helped push GPI’s price from about 221c to more than 300c a share. At Wednesday night’s reconvened extraordinary general meeting (EGM), former SABMiller executive Mark Bowman and former Spur Corporation financial director Ronel van Dijk were voted onto the GPI board as nonexecutive directors. Bowman and Van Dijk were two of four names nominated for election to the GPI board. The collective consumer brands experience that Bowman and Van Dijk bring to the table is seen as a critical as GPI has battled for viabili...
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