Roy Cokayne

REDEFINE Properties chief executive Marc Wainer has been appointed executive chairman, replacing former non-executive chairman Dines Gihwala, who resigned in June after being declared a delinquent director by the Western Cape High Court.

His appointment was one of several changes announced on Friday as the company restructured and realigned its board and executive management.

Gihwala was disqualified from being a company director for the next seven years and ordered by the court to pay back about R6 million to shareholders of another company that he cheated out of money.

Financial director Andrew Konig has been promoted to chief executive of the company.

Redefine said Wainer would retain a key strategic role in growing and diversifying the company’s property asset base, support group investor relations and provide mentorship to Konig, who would manage the daily activities of Redefine with a continuing focus on its finance and funding operations.

Konig said Wainer had played a central leadership role in Redefine, which would continue to benefit from his visionary skills, vast property experience and significant deal-making expertise.

Independent non-executive director Bernard Nackan has been appointed lead non-executive director, in line with the King codes of good practice.

Redefine said the choice of Nackan reflected his length of service, his active role on board committees, his position as a non-executive director of Fountainhead Property Trust and Redefine International, and his extensive record on corporate and industry boards.

Redefine is discussing a merger with Fountainhead Property Trust, in which it had had a 66 percent stake in May.

Mike Watters, the chief executive of Redefine International, in which Redefine Properties has a significant stake, has also joined the board as a non-executive director.

Wainer said Redefine International remained a key offshore investment and Watters would be an asset given the strategic importance of Redefine International and Watters’s wealth of property and corporate finance experience.

“The new board structure positions Redefine to continue meeting challenges and exploiting opportunities with a strong management team and board.

“We’re delighted to appoint Andrew [Konig] as chief executive. His skills, expertise, experience and knowledge of the group are invaluable to take Redefine forward,” Wainer said.

David Rice continues as chief operating officer and Mike Ruttell as executive director responsible for development.

A new financial director will be appointed in due course.

The shares fell 1c to close at R9.61 on Friday.