New CEO for Stadio as it continues expansion


New CEO for Stadio as it continues expansion

Published Date: 2019-12-10 | Source: Stephen Gunnion | Author: Stephen Gunnion

New CEO for Stadio as it continues expansion

The tertiary education group says Southern Business School CEO Chris Vorster will replace Chris van der Merwe as it buys out minorities in the school.

Stadio Holdings says CEO Chris van der Merwe will step down from his position at the end of March. He'll be replaced by Chris Vorster, the CEO and founder of Southern Business School (SBS), one of the divisions of the tertiary education group.

Separately, it announced it was buying the remaining 26% stake in SBS for R155.5 million and would settle a shareholders loan claim of R35 million against the school. It said the SBS acquisition formed part of its strategy to consolidate its various programmes and institutions under a single brand, which would allow all stakeholders to benefit from the marketing, operational and regulatory advantages of doing so. It bought the initial 74% stake in June 2017. It is also paying R28.5 million to buy some property it currently leases in Gauteng to use as a base to expand its administrative and logistical support for off-campus students.

Van der Merwe, who will stay on as a non-executive director, established Stadio through the unbundling of Embury Institute for Higher Education from Curro, the listed private schools group he also founded and led. Stadio was listed in September 2017 and now has more than 31 thousand students across its registered private education institutions, including The South African School of Motion Picture Medium and Live Performance Proprietary Limited (AFDA), LISOF, Southern Business School, Milpark Education, Prestige Academy and Embury.

Its goal is to accommodate over 100,000 students in the future, of which 80,000 are anticipated to be distance learning students.

Its shares fell 6.4% to R2.05 yesterday.

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