Grand Parade shares fall sharply on news of CEO’s departure
The appointment of Tasneem Karriem, who was at the helm for roughly 10 months, was part of a confusing series of management changes
Grand Parade Investments’ share price fell 4.7% to R2.22 on Wednesday after it said CEO Tasneem Karriem had left the company on Monday. Grand Parade said in Wednesday’s statement that executive chairman Hassen Adams would double as acting CEO until a replacement was appointed. "The board wishes to thank Ms Karriem for her significant contribution and her diligence to the GPI group during her tenure and wishes her well in her future endeavours," the statement said. Karriem was appointed Grand Parade’s CEO in June 2017, filling a vacancy created in March 2017, when the South African franchiser of US fast-food chains Burger King, Dunkin’ Donuts and Baskin-Robbins announced that Alan Keet had switched roles. Grand Parade said Keet had switched roles to CEO of its food division and stepped down from its board. But in June, when it announced Karriem’s appointment as CEO, it said finance director Dylan Pienaar was switching roles to CEO of its food division, without saying whether Keet had...
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