Bonang Mohale. Picture: SIMPHIWE NKWALI
Bonang Mohale. Picture: SIMPHIWE NKWALI

Services, trading and distribution group Bidvest has appointed former CEO of Business Leadership SA (BLSA) Bonang Mohale as chair.

Bidvest, which has a market capitalisation of more than R69bn, said Eric Diack, who filled this position temporarily since May 2019, would revert as the lead independent director.

Mohale, who has been a nonexecutive director of Bidvest since July 1 2019, is a professor of practice at the Johannesburg Business School College of Business and Economics.

He has held leadership positions in the private sector and has been won several awards over the past 25 years. He is former chair of Shell SA and held executive roles at Drake & Scull FM, Sanlam, SAA and Otis.

“I am humbled to be elected by my fellow Bidvest board members to this position. I am excited and looking forward to working even closer with the board members, and the larger Bidvest family.  I believe the group’s prospects are excellent, its stewardship and governance processes are firmly established and Bidvest remains well positioned to continue delivering benefit to its vast stakeholder base,” Mohale said.

Mohale said he expected Bidvest, which increased headline earnings by 10.3% to R4.6bn in the 2019 financial year, to stay on its growth path.

But he said the government had to create an environment conducive to economic growth by boosting investor confidence, reducing government debt and fixing state-owned enterprises.

Meanwhile, in an update to shareholders on the four months to end-October, Bidvest bemoaned low business confidence and constrained consumer demand.  

In the statement, Bidvest said it awaited the closing of the acquisition of Eqstra Fleet Management and Logistics. Bidvest announced in July that it would buy Eqstra for R3.1bn.

njobenis@businesslive.co.za