Grindrod, the freight, shipping and financial services group, says CEO Alan Olivier will leave the company at the end of July 2017, taking early retirement to pursue personal interests.
The board will begin the process of appointing a new CEO and notify the market
accordingly. Olivier will remain available to Grindrod’s shipping division in a consulting capacity.
Mike Hankinson, independent nonexecutive chairperson of Grindrod, will act as executive chairperson in the transitional phase. Andrew Waller, group financial director, will support him.
“On behalf of the board, I would like to thank Alan for his valued contribution to the group over the past 31 years, the last 10 years as CEO. We wish him well and as Alan will be consulting to the shipping division, on an ad hoc basis, it is by no means goodbye,” Hankinson said on Thursday.
Grindrod operates three divisions: freight services, shipping and financial services. Its divisions will continue to be managed by Bongiwe Ntuli at freight services, Martyn Wade for shipping and David Polkinghorne at financial services.
Nkululeko Sowazin will be the lead independent nonexecutive director of the board. He has previously served on the boards of construction group Aveng and Exxaro Resources.
The company suffered a net loss of R1.8bn in the year to December, up from a loss R1.3bn in the previous year. The share price was off marginally to R11.35 in mid-morning trade on the JSE, valuing the company at R8.7bn.