Shoprite Holdings has announced the appointment of Absa Group Chair, Wendy Lucas-Bull as an Independent Non-Executive Director and Chairman designate of the company, with effect from 1 October 2020.
This disclosure is in accordance with section 3.59(a) of the JSE Limited Listings Requirements, it was made public in a statement issued by the order of the Board of Directors of Shoprite Holding Company, which was seen by Nairametrics.
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Ms. Wendy Lucas-Bull, subject to her election as an Independent non-Executive Director at the Company’s Annual General Meeting (AGM), will be appointed as Chairman, at the board meeting that follows immediately after the AGM.
Speaking on the appointment, Dr. Christo Wiese, extended his congratulations to Ms. Lucas-Bull on her appointment:
“On behalf of the Board, we welcome Wendy and wish her success in her role as an Independent Non-Executive Board member and Chairman designate. There is no doubt her expertise, experience, and leadership will be of considerable benefit to both the Board and the Shoprite Group.”
However, Wendy Lucas-Bull will take over from Dr. Christo Wiese, who has been the Chair of the group since 1991 and helped build it into one of the continent’s largest retailers, with annual revenue of about R157bn. He will remain on the board as a Non-Executive Director, after its annual general meeting on November 16.
Dr. Christo Wiese’s retirement was first announced in November 2019, after 61.2% of shareholders voted for his replacement as a Chairman in the 2019 AGM. This, however, is in line with good corporate governance, as the next group chairperson will be independent; a decision supported by Wiese, who is also the second-largest shareholder at Shoprite.
Wendy Lucas-Bull is currently Chairman of ABSA Group, ABSA Bank, and ABSA Financial Services, her previous Non-Executive Directorships include, Barclays PLC, Anglo American Platinum Limited, the Development Bank of South Africa, Alexander Forbes, Eskom, Nedbank, Telkom, Aveng (Deputy Chairman), Lafarge Industries (Chairman), the South African Markets Advisory Board, Discovery Holdings, Dimension Data PLC, and the Momentum Group.
Ms. Lucas-Bull has extensive banking and widespread sector experience, as well as expertise as a Chairman and Non-Executive Director on company boards across multiple industries in both the private and public sectors. Her professional experience includes, but is not limited to International Partner of Andersen Consulting (now Accenture); Executive Director of RMB Holdings Limited; Chief Executive of FirstRand Limited’s retail businesses (including First National Bank, WesBank, Outsurance, Firstlink, and First National’s African subsidiaries); as well as Founder and Director of Peotona Group Holdings Proprietary Limited & Peotona Development.
Major decision on Shoprite retail supermarkets Nigeria Ltd
Back story: Shoprite retail supermarkets Nigeria Ltd. is a subsidiary of the Holdings company. The Holdings company’s decision is to dispose of a majority stake in its Nigeria subsidiary.
During the year, however, the Holdings company embarked on a process to actively identify a strategic partner and consequently classified Shoprite retail supermarkets Nigeria Ltd as discontinued operations, in accordance with IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations.
First Bank CEO appointed into Bretton Woods Committee
First Bank CEO has been honoured with membership of Bretton Woods Committee (BWC).
Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan, has joined the Bretton Woods Committee (BWC) as a member.
This is a sequel to his invitation to the committee as reported by The Vanguard.
The BWC membership is strictly by invitation and extended to top influencers from every region of the world. Therefore, Dr. Adeduntan’s invitation is in recognition of his remarkable leadership traits and the impact of his organization in driving financial inclusion in Africa.
What they are saying
Commenting on his invitation and acceptance, Dr Adeduntan said, “On behalf of the Board, Management, and Staff of FirstBank, I’m deeply honoured to be recognised as a member of The Bretton Woods Committee.
“In addition, as a contributor, FirstBank remains committed to the goals of the Bretton Woods Committee. Especially at this time when the role played by business and political leaders is critical to exploring efficient ways of deepening collaboration and inclusion across borders, whilst mitigating the adverse effects of the coronavirus on not just the global economy but on other aspects of the livelihood of every individual and household.
Speaking further he said, “I look forward to working with other members of The Bretton Woods Committee, as we continue to build on the successes achieved over the years. With these, we will make the world a better place.”
What you should know
The Bretton Woods Committee was established in 1983 with a goal of creating more awareness for the World Bank, International Monetary Fund, World Trade Organization, and other major development banks. Also, they work towards accelerating economic growth, lessen poverty, and increase financial stability, along with demonstrating the importance of international economic cooperation and fostering collaboration among institutions.
The Committee’s greatest asset is its global membership, with more than 650 members including leaders in business, finance, academia, foreign government, and non-profit organizations from around the world.
African Alliance Insurance Plc appoints Joyce Ojemudia as MD/CEO
Joyce Ojemudia has been appointed, substantive MD/CEO of Africa Alliance Insurance Plc.
Africa Alliance Insurance Plc has announced Mrs. Joyce Ojemudia as its substantive MD/CEO.
The announcement was signed by the company’s Secretary, Mrs. Abisola Akinrin (Pp: TOPE ADEBAYO & CO), and made through a public disclosure issued 15th October 2020, to the Nigerian Stock Exchange (NSE).
The announcement also noted the resignation of Alhaji Aminu Ahmed Nahuche – a former Non-Executive Director and contained information about the appointment of three Non-Executive Directors.
The Company had earlier announced the resignation of Mrs. Funmi Omo as the MD/CEO in a disclosure dated September 3rd, 2020. Following her departure, the company confirmed Mrs. Joyce Ojemudia as the substantive MD/CEO of the Company – replacing Mrs. Olabisi Adekola who served in an acting capacity from the 1st of September 2020.
What you should know
Mrs. Joyce Ojemudia is an accomplished insurance professional and astute manager of resources. She has over twenty years of experience in insurance sales, business development, risk management, claims administration, and reinsurance, with a proven track record of revitalizing businesses and/or departments.
She is a Fellow of the National Institute of Marketing of Nigeria and an Associate of both the Chartered Insurance Institute of Nigeria and the Institute of Chartered Economists of Nigeria. She is also the current President of the Professional Insurance Ladies Association (PILA).
McNichols Consolidated Plc appoints Temitope Abefe Adebayo as CFO
Temitope Abefe Adebayo has been announced as the new CFO of McNichols Consolidated Plc.
McNichols Consolidated Plc has announced the appointment of Mr. Temitope Abefe Adebayo as the new CFO of the company with immediate effect.
The appointment was confirmed in a letter by the company dated 12th October 2020, and available on the NSE website – corporate disclosure. The letter was signed by Mrs. Benedicta Sadare, S.E. Nomuoja & Co. Secretaries, on behalf of McNichols Consolidated Plc.
The announcement noted that Mr. Temitope Adebayo is an associate member of the Institute of Chartered Accountants of Nigeria (ICAN), with about a decade of experience as an accountant. The announcement further submitted that the new CFO has served as an accountant in various companies and industries – including manufacturing, supply, hospitality, external audit, and tax consulting.
What you need to know
McNichols Plc is an indigenous home-grown fast-moving consumer brand food and beverage company. The company is “committed to enhancing the quality of life and contributing to a healthier future of Nigerians from ideas to reality.” The company was incorporated on April 26th, 2004, and commenced operations as a food processing and packaging company in April 2005. It is currently engaged in the production of various food and beverage products that include cube and icing sugar, choco, vanilla, milk, and choco custard.
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The company’s shares were listed on the NSE on 18th December 2009. The current share price is N0.47. The shares’ highest price in 52 weeks was N0.50 and the lowest N0.42. A total volume of 455, 455 units were sold in the last seven day’s trades. The shares outstanding are 326.70 million units.