Johannesburg - Bidvest Group will reorganise into three separate units with their own boards and management as South Africa’s second-largest company seeks to give each business more responsibility and ability to pursue growth opportunities.
The changes will boost transparency, improve management focus and help identify acquisition opportunities, the Johannesburg-based company said in a statement on Wednesday.
Bidvest, which has interests ranging from car dealerships to catering and pharmaceuticals, will continue to be lead by CEO Brian Joffe, who has a particular focus on strategy and deal making, the company said.
The three units will be Bidvest Industrial Holdings, which will include the company’s South Africa unit and Namibia interest, Bidvest Foodservices International, which runs the company’s international and local foodservice operations, and Bidvest Capital Proprietary, which will oversee the South African property portfolio as well as minority investments.
The changes will also help with a “smooth and transparent management succession," the company said. Lorato Phalatse remains as chairman, David Cleasby continues as chief financial officer, while Lindsay Ralphs will be CEO of Bidvest Industrial Holdings and Bernard Berson will be CEO of Bidvest Foodservices.
Bidvest shares gained 0.8 percent to R341.61 at 1:35 p.m. in Johannesburg on Wednesday. The stock has risen 12 percent this year, compared with a 5.6 percent increase in the FTSE/JSE Africa All Shares Index.
BLOOMBERG