The move follows the former billionaire’s controversial re-election earlier this month, when his superior voting rights carried him over the line even as a majority of ordinary shareholders opposed the reappointment. Shoprite has started the search for a successor and will look for an independent candidate, the company said on Friday in a statement.
The decision brings clarity to the future make-up of Shoprite’s board after a backlash against Wiese, whom investors have assailed for holding too much power.
The Cape Town-based company had attempted to curb his influence earlier this year, but shareholders blocked the move, which would have incurred an estimated R3.3billion bill for compensation.
Shoprite responded to the unorthodox means by which Wiese was returned as chairperson with a pledge to put together a succession plan.