Johannesburg - Brian Joffe, chief executive officer and founder of Bidvest Group Ltd. said planning for his succession is progressing “very well” with a senior team already in place at South Africa’s biggest diversified industrial company.
“The seamless succession of Cyril Ramaphosa by Lorato Phalatse inevitably raises questions about my own succession,” Joffe, 66, said in the company’s annual report published on its website.
“This process is already under way. A strong senior team is already in place.”
Joffe, chief executive of Bidvest since March 1989, has presided over an increase in the company’s market value over the past 20 years to about 86 billion rand ($8.8 billion) from 782 million rand, according to data compiled by Bloomberg.
Sales surged to 153 billion rand from 775 million rand.
Bernard Berson, 48, chief executive of Bidvest Foodservice and Lindsay Ralphs, 57, chief executive of Bidvest South Africa have been delegated “more and more responsibilities,” Joffe said.
“My focus is increasingly on strategic issues and major acquisitions.”
Bidvest shares rose 0.7 percent to 261.18 rand by 11 a.m., in Johanneburg, extending its gain this year to 22 percent. - Bloomberg News