Industrial supplies conglomerate Torre has undertaken a dramatic management shake-up — probably in a bid to restore the market’s faith in the company’s longer-term growth prospects.Torre, which was built up rapidly via acquisitions from the old SA French listing, has seen a dramatic about-turn in market sentiment after the dire economic environment stalled earnings growth.The share has lost almost 65% of its value in little over a year. This is considerably more than its peers, such as Hudaco and Invicta.The board changes see CEO Charles Pettit — largely credited with rebuilding the left-for-dead SA French into a credible and well-diversified industrial hub — step aside as CEO to take up a newly created position as executive deputy chairman.Pettit will remain in charge of executing growth strategies at Torre; he also remains CEO of investment company Stellar Capital Partners, the largest shareholder in Torre. Stellar has pitched a mandatory offer to Torre shareholders, which could s...
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