Grand Parade Investments executive chairman, Dr Hassen Adams. PHOTO: Supplied/GPI website)

JOHANNESBURG - JSE-listed Grand Parade Investments announced on Wednesday that Dr Hassen Adams has elected to step down as executive chairman of the company, with effect from 30 June and will assume the role of non-executive chairman from July.

An engineer by profession, Adams has been instrumental in establishing a number of successful businesses, the most high profile of these being Grand Parade Investments Limited which he co-founded. He is also executive chairman of Burger King South Africa and non-executive chairman of SunWest International.

Grand Parade Investments holds the master franchise for Burger King in South Africa and has investments in the GrandWest casino property, Sun Slots gaming, Spur and Baskin Robbins, among others. 

The empowerment gaming and restaurant group disinvested and closed down Dunkin Donuts and Baskin Robbins outlets earlier this year following a negative impact on its cash resources.

Adams' stepping down will not come as a surprise to industry experts after they questioned the role he was going to play in the business going forward after he sold R60 million worth of ordinary shares in the company last month 

The company, in a statement, thanked Adams for his vision, foresight and contribution over the years and the board wished him well in his new role, saying it was looking forward to his continued guidance.

- African News Agency (ANA)