Get more Mail & Guardian
Subscribe or Login

Bidvest planning for Joffe’s departure

Brian Joffe, chief executive and founder of Bidvest Group, said planning for his succession is progressing "very well" with a senior team already in place at South Africa’s biggest diversified industrial company.

"The seamless succession of Cyril Ramaphosa by Lorato Phalatse inevitably raises questions about my own succession," Joffe (66) said in the company’s annual report published on its website. "This process is already under way. A strong senior team is already in place."

Joffe, who has occupied the top position at Bidvest since March 1989, has presided over an increase in the company’s market value over the past 20 years to about R86-billion from R782-million, according to data compiled by Bloomberg. Sales surged to R153-billion from R775-million.

Bernard Berson (48) chief executive of Bidvest Foodservice and Lindsay Ralphs (57) chief executive of Bidvest South Africa have been delegated "more and more responsibilities," Joffe said. "My focus is increasingly on strategic issues and major acquisitions."

Bidvest shares rose 0.7% to R261.18 by 11am, in Johannesburg, extending its gain this year to 22%. – Bloomberg

Subscribe to the M&G

Thanks for enjoying the Mail & Guardian, we’re proud of our 36 year history, throughout which we have delivered to readers the most important, unbiased stories in South Africa. Good journalism costs, though, and right from our very first edition we’ve relied on reader subscriptions to protect our independence.

Digital subscribers get access to all of our award-winning journalism, including premium features, as well as exclusive events, newsletters, webinars and the cryptic crossword. Click here to find out how to join them and receive a 40% discount on our annual rate..

Related stories

Advertising

Subscribers only

Wild garlic harvesters back in court

Healers say the plant is part of their heritage, but officials counter that it is a protected species

Oil boom may be the industry’s last hurrah

Biggest players in the game show signs of recovery but a low-carbon future may threaten fossil fuel

More top stories

Drop in child vaccinations a danger

There are fears of a resurgence in preventable childhood diseases in the face of poor immunisation data

Rising temperatures will shrink global GDP by mid-century

New research shows unmitigated warming could knock 18% off of global GDP by 2050

Apologise or face action — NEC instructs Magashule

ANC secretary general Ace Magashule has been ordered by the party’s NEC to publicly apologise for writing an unauthorised letter suspending President Cyril Ramaphosa

Richard Calland: Less cash to splash spells new-look South African...

The new political party funding law brings changes to allocations – and possibly an end to dodgy donors
Advertising

press releases

Loading latest Press Releases…
×