Sipho Pityana. Picture: SUPPLIED
Sipho Pityana. Picture: SUPPLIED

Businessman Sipho Pityana has replaced Marc Wainer, the founder of SA’s third-largest real estate company by market capitalisation, Redefine Properties, as chairman.

Pityana became the independent nonexecutive chairperson on Friday. Wainer will remain on the board as an executive director. 

“The board of directors of Redefine welcomes Sipho and looks forward to his contribution to the company,” Redefine said in a statement. “The board thanks Marc for his valuable contribution, unstinting leadership and guidance since founding Redefine in 1999, and wishes him well in his new role.” 

Pityana is also AngloGold Ashanti's and Onelogix's chairman, as well as an independent director at Absa Bank.

He is the founder and chairman of Izingwe Capital, a privately held investment company. He is also the chairperson of the Council of the University of Cape Town, president of Business Unity SA and a director of Business Leadership SA.

Wainer said he had enjoyed his tenure as chairman but his functions at Redefine would remain largely the same.

“Since I stepped down from the CEO role and Andrew (Konig) replaced me in 2014, I have done various jobs at Redefine. These include helping with acquisitions and disposals, mentoring and working on our international businesses,” said Wainer.  

He wanted to “pass the baton to younger talent” and  continue to add value to Redefine, he said.

Wainer’s international work included giving insight at Redefine Europe, as well as at Polish-invested EPP NV. Redefine was also investing in Australian student housing.

Wainer said Redefine was looking at options with respect to its stake in RDI Reit which was formerly Redefine International and held investments in the UK and Germany.

“RDI Reit has challenges. We are looking at a few options to create value in the company,” he said. 

Redefine’s market capitalisation is about R56bn, ranking third behind Nepi Rockcastle at R72bn and Growthpoint, which is worth R74bn.