“A culture of arrogance endemic to the Nampak organisation and overheated margins” allowed competitors to eat up chunks of the beverage canning market, Nampak CEO Phil Roux told shareholders at the group’s recent AGM. He was responding to shareholder activist Chris Logan of Opportune Investments, who wanted to know what had created space for new entrants to the Bevcan and packaging markets, dominated by Nampak until as recently as 2018.

“Was Nampak charging customers too much? I can understand customers would want an alternative source of supply but other players are eating your lunch,” said Logan. Roux, who had been interim CEO between last May and August when he was appointed CEO, acknowledged that new players were “partially eating our lunch” but said they wouldn’t enjoy that luxury much longer...

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