CEO Mark Stevens to step down at Fortress
Founding CEO to leave in the next 12 months after handing over role to financial director
Mark Stevens, CEO of Fortress, one of the members of the embattled Resilient group of property companies, will retire from his roles at the company within the next 12 months. Fortress, which owns a large portfolio of high-end industrial properties and commuter retail centres, saw its B-type shares' price come under fire in January 2018 when investors fled the stock. A number of investors sold their Fortress B-type shares, sending the stock crashing. Fortress B shares are down two-thirds so far in 2018. It started the year at R41.43 a share and closed at R13.85 on Monday.Shares in other Resilient companies — Nepi Rockcastle, Resilient and Greenbay — are also down sharply in 2018. Fortress is structured into A and B shares for investors with different risk profiles. B shares are for risk-seeking investors as their dividends are paid from the remaining distributable income after A shareholders have been paid. The A shares are considered to be for risk-averse investors. Stevens worked a...
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