A revolving door of CEOs at Grand Parade
The circumstances around Moodley’s exit as CEO — the third in two years — are confusing and point to a leadership crisis
It could not have been scripted better for shareholder activists at Grand Parade Investments (GPI). This week, recently appointed CEO Prabashinee Moodley resigned just ahead of the AGM on Wednesday. Moodley is the third CEO to exit the embattled empowerment investment company in less than 24 months, and her departure comes amid efforts to find a profit recipe for its food segment, which is centred on the Burger King master franchise for SA. The GPI share price responded enthusiastically to Moodley’s departure, rising 6.5%. This perhaps signals hope of inspired leadership changes as the influence of shareholder activists at the company grows. A vote on Moodley’s appointment as an executive to the GPI board had been set for the AGM. Her resignation came only days after a group of shareholder activists, speaking for roughly 12.5% of GPI, gained enough support at an extraordinary general meeting (EGM) to vote two new nonexecutive directors — former SABMiller executive Mark Bowman and fo...
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