Adcorp Holdings appoints new chief executive
Adcorp Holdings has announced the appointment of Dr John Wentzel as its new chief executive, with effect from April 1, 2021.
Wentzel will replace Phil Roux who joined the group in April who was charged with stabilising the group and developing a sustainable performance platform.
The group said Wentzel is an experienced business executive with more than 15 years of experience in the retail and workplace management solutions sectors.
“He has a genuine passion for the industry and is committed to advancing and innovating within the sector. Wentzel is currently the chief executive at Tsebo International, a globally recognised integrated workplace management solutions provider, overseeing its operations in 21 African countries,” the group said.
Adcorp said when they appointed Roux early this year it was a common understanding by both parties that he would serve in a short-term capacity, given the task at hand and his preference for the fast-moving consumer goods (FMCG) industry.
“The board, as a consequence, was obliged to commence the search for a permanent chief executive soon after his appointment. The latter provides context to the appointment of Dr John Peter Wentzel as our next chief executive, thereby ensuring a seamless transition, given the excellent work that Phil Roux has accomplished, until the stated departure date,” the group said.
The group also paid tribute to Roux for his contribution in a short space of time at the helm.
The board said Roux was able to deliver on his mandate in less than a year while the board had anticipated that it would take two years to stabilise the group in a climate worsened by the Covid-19 outbreak.
Some of Roux’s achievements include as successful structuring of the new BEE deal, improving the cash generation and reduced the net debt by 47 percent, completed the sale of non-core operations, developing corporate strategy and enhancing governance structures and achieving significant cost reduction, rationalisation and efficiency initiatives across the group.
Adcorp said the transition and handover will occur during April, with Wentzel leading the organisation in accordance with the revised strategy that focuses on growth, customer centricity and efficiency in a sustainable manner.
“The board believes that the business is on a positive trajectory and will be able to meet all its commitments and deliver on its long-term strategic intent,” the group said.
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