Tasneem Karriem quits Spur directorship
The resignation of Karriem from Spur’s board follows her leaving as CEO of GPI in April. She has been replaced by Prabashinee Moodley
Former Grand Parade Investments (GPI) CEO Tasneem Karriem has resigned as a nonexecutive director of Spur, and will be replaced by the same person who filled her shoes at GPI.
Karriem has been replaced by Prabashinee Moodley, who is returning from the US after spending a number of years working with McDonald’s and Dunkin’ Donuts. Dunkin’ Donuts is one of the brands of which GPI holds the SA licence.
Moodley has a deep understanding of the food services industry and international business, Spur said on Friday.
"Her expertise in the field of new market entry, existing market growth, and strategic franchise partnerships has significant promise for the further development of our business interests within the portfolio," the statement read.
Karriem had stepped down from GPI in April after less than a year in the position of CEO. Her departure was followed a month later by that of GPI chief financial officer Shaun Barends.
GPI said at the time the decision by Karriem to leave was motivated by a desire to spend more time with her family.
GPI holds a 17.5% stake in Spur. The empowerment company also holds the South African licence for Burger King and Baskin Robbins. It has been under pressure in recent years, with its share price having dropped 74% since the beginning of 2015. Over the same period, Spur’s share price fell just under 11%.
At 11.10am on Friday, Spur had gained 0.49% to R26.63. At the same time, GPI’s share price was up 2.87%.