NOTICE PERIOD
Spur founder to step down after half century
The founder of the restaurant chain will step down on March 1 2019 after 51 years of service
Spur Corporation executive chairman Allen Ambor will step down in a year’s time after spending 51 years at the company he founded. Ambor, who is required to serve a 12-month notice period, would retire with effect from March 1 2019, Spur announced on Friday. The nominations committee of the board would soon start looking for a new chairman, the restaurant franchisor said. Ambor has already reduced his interest in the company, having sold his 3-million directly held shares in May 2017. At last count, his family trust owned about 465,000 Spur shares. At current prices, that stake is worth about R12.8m. Ambor opened the first Spur restaurant in Newlands, Cape Town, in 1967. He has been executive chairman of the board since the company was listed on the JSE in 1986. “He has overseen the growth of the business from a single outlet to a multibrand franchisor with over 600 restaurants in SA and internationally,” group CEO Pierre van Tonder said. Spur has materially outperformed the JSE all...
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