Another Grand Parade CEO quits

Grand Parade Investments announced the resignation of CEO Prabashinee Moodley at 5.15pm on Monday — after less than five months in the job.

“Given Ms Moodley’s passion and expertise in food service and retail, Ms Moodley has decided to step down from her position due to the current market sentiment with regards to the quick service restaurant industry,” was the reason given by Grand Parade.

Monday’s statement did not say if executive chairman Hassen Adams will, once again, double as acting CEO. “An announcement will be made in due course when a successor has been appointed,” Grand Parade said.

The high churn rate of Grand Parade’s CEOs and CFOs was one of the grievances listed by institutional investors who replaced two of the group’s directors with their nominees at an extraordinary general meeting on December 5.

On November 28, the disgruntled investors issued a letter via the JSE’s Sens service arguing that the group appeared unable “to attract and retain the best talent, which is a crucial underpin for Grand Parade’s long-term success”.

When Moodley was appointed CEO in July, Grand Parade said: “Prabashinee is an experienced quick service restaurant executive and has held senior positions at Dunkin Brands. and McDonald’s Corporation, both in the US and globally.”

Grand Parade represents Dunkin in SA, along with Burger King and Baskin Robbins.

Moodley’s predecessor was Tasneem Karriem who was appointed Grand Parade’s CEO in June 2017 and resigned in April. In May, Grand Parade announced the resignation of CFO Shaun Barends.

In a statement issued on the morning ahead of the shareholder meeting called by disgruntled fund managers, Grand Parade said: “There are no leadership challenges within the company. Recent executive departures are related to personal reasons and family commitments. 

“In management’s view, these departures are being distorted by the proposers to align with a narrative that the proposers have attempted to construct regarding the company's leadership.”

laingr@businesslive.co.za