Grand Parade chair Hassen Adams to step down at end-January
Hassen Adams indicated he would be retiring during the company’s recent AGM
Grand Parade Investment’s chair Hassen Adams will retire at the end of January 2020, the licence-holder of Burger King in SA said on Tuesday.
Adams, who co-founded the group, told Business Day earlier in 2019 that he intended retiring towards the end of 2019. The move comes as the group focuses on its Burger King franchise, having exited Dunkin Donuts and Baskin-Robbins in 2019, as well as disposing of its stake in Spur.
Adams told shareholders about his retirement during the group’s AGM on November 28.
In July, he had switched to a non-executive role, having also sold 20-million of his shares in the group for about R60m in April. This reduced his holding in the group by approximately 40%, to about 8.4% at the time.
“As a founding director of the company, Dr Hassen Adams has been instrumental in the success and growth of GPI since inception,” the group said.
“The board would like thank Dr Hassen for his years of leadership, dedication and service to the company and wishes him well in his retirement and future endeavours.”