Zeder CEO quits amid strategy shift


Zeder CEO quits amid strategy shift

Published Date: 2020-09-10 | Source: Stephen Gunnion | Author: Stephen Gunnion

Zeder CEO quits amid strategy shift

Norman Celliers, who was instrumental in rationalising its investment portfolio, leaves at the end of the month.

Zeder CEO Norman Celliers has resigned from the investment company as it considers a shift in strategy following the sale of its stakes in Quantum Foods and Pioneer Foods.

In June, the company sold its 32.1% stake in Quantum at R5 per share to Country Bird. It disposed of its 28.6% interest in Pioneer for R6.41 billion to PepsiCo earlier this year as part of the US food and beverages giant's takeover of the local group.

Following the disposals, Zeder said it decided to reconsider its future, including one of unlocking more value in a responsible way. It said it had excellent investee companies that were well positioned to continue to play a meaningful role and expand locally and across the continent. Its remaining investments include agri businesses Kaap Agri, Zaad Holdings, Agrivision Africa and Capespan, as well as The Logistics Group.

Cilliers, who steps down as as CEO and executive director with effect from 1 October, joined Zeder about eight years ago. The company said he was instrumental in initially rationalising the investment portfolio and then creating various platform companies within the company ranging from agribusiness to logistics. He also played a leading role in assisting the group with exiting specific investments.

Chief financial officer Johann le Roux would act as CEO for an interim period from 1 October, the company said.

Its shares closed 1.8% higher at R2.25 yesterday. The announcement was made after the close of trade.

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