Johannesburg - JSE-LISTED Adcorp Holdings on Tuesday reshuffled its board, adding former ANC heavyweight Sydney Mufamadi to its board, two weeks after Value Capital Partners (VCP) acquired 12.5percent stake in the group.
Mufamadi would be joined on the Adcorp board by Gloria Serobe as the new non-executive director. Serobe has also been appointed as chairperson of the board. She is a founding member and executive director of Wiphold and chief executive of Wipcapital and serves on several boards, including Sasol Mining, Hans Merensky and Old Mutual Emerging Markets.
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Adcorp has welcomed the addition of the two and said their experience would stand the company in good stead. “The board welcomes these two new directors and looks forward to their contribution to the board,” the company said. Meanwhile, Mfundiso Njeke, Nontobeko Ndhlazi and Timothy Ross have resigned as non-executive directors of the company. VCP is run by former Brait heavyweights Anthony Ball and Sam Sithole.
BUSINESS REPORT ONLINE