ROB ROSE: Shenanigans at Shoprite
Facing a swell of investor anger, chair Christo Wiese now says it’s clear that ‘we all get to the end of our shelf life’ — and that he plans to step down
The abrupt resignation of Prof Shirley Zinn as the lead independent director of grocery chain Shoprite "with immediate effect" last week has left the grocery chain’s investors scrambling to figure out what machinations went on behind closed doors to drive her out.
Let’s be blunt: there’s never a benign scenario when an independent director, hired specifically to look after the interests of smaller shareholders, resigns "with immediate effect". It’s a luminous red light.