Christo Wiese steps down as Brait chair

FILE PHOTO: South African magnate Christo Wiese, Steinhoff's largest shareholder and chairman, listens during an interview in Cape Town, South Africa, September 27, 2016. Picture taken September 27, 2016. REUTERS/Mike Hutchings/File Photo

CAPE TOWN- Investment company Brait told their shareholders on Wednesday morning that South African billionaire businessman Christo Wiese has retired from his role as a non-executive chairperson to the investment company.

It was also announced that Wiese will also step down as a non-executive director of Brait Investee company in New York.

Wiese reasons are “time constraints”, his retirement came into effect on Tuesday May 8.

“Dr Wiese will retain his non-executive directorship of Brait and has,effective 8 May 2018, appointed Mr Jacob Wiese as an alternate.”

Chris Seabrooke, a non-executive director of Brait and chairperson of its audit committee has been appointed as non-executive director to the boards of Brait’s four main investee companies. They are Virgin Active, Premier, Iceland Foods and New Look.

Seabrooke will also take over as a non-executive chairperson of Brait.

The investment company stock on the JSE shareprice was trading 1.17% at R38 in the morning.

Wiese did announce last week he is suing Steinhoff to recover R59bn from his sale of Pepkor.

Steinhoff said they are looking through the claim.

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