NEWS
09/05/2018 12:09 SAST | Updated 09/05/2018 12:33 SAST

Christo Wiese Steps Down As Brait Chair

SA billionaire businessman Christo Wiese is retiring from his role as non-executive chairperson of investment company Brait

Mike Hutchings / Reuters

SA billionaire businessman Christo Wiese is retiring from his role as non-executive chairperson of investment company Brait [JSE: BAT], the investment holding company told shareholders in a directorate on Wednesday morning.

Wiese will also step down as non-executive director of Brait's investee company New Look.

Mike Hutchings / Reuters

The reason given by Wiese was "time constraints". His retirement came into effect on Tuesday May 8.

"Dr Wiese will retain his non-executive directorship of Brait and has,effective 8 May 2018, appointed Mr Jacob Wiese as an alternate."

Further Chris Seabrooke, a non-executive director of Brait and chairperson of its audit committee is appointed as non-executive director to the boards of Brait's four main investee companies. These are Virgin Active, Premier, Iceland Foods and New Look.

He will also take over the role as non-executive chairperson of Brait. Brait's share price was trading down 1.17% at R38 by 09:51 on the JSE.

Mike Hutchings / Reuters

Wiese recently announced that he was suing Steinhoff [JSE:SNH], essentially to recover R59bn from his sale of Pepkor. Steinhoff is assessing the claim.

Steinhoff shares were trading up 1.65% at R1.85, a mere shadow of its 52-week high of R74.

Fin24