Senkunjalo executive chairman Dr Iqbal Survé resigns, explains why

Iqbal and Nadia
Dr Iqbal Surve and his wife Nadia at this year’s World Economic Forum in Davos. He is becoming increasingly involved with the WEF, and was recently appointed vice chairman on one of the important Global Agenda Councils.

Controversial Sekunjalo Investments executive chairman Dr Iqbal Survé has stepped down as chairman of the JSE-listed counter, the company announced through the Johannesburg Stock Exchange news service this evening. The news will come as a surprise to many journalists within the Independent Newspapers group, where he has been waging war over editorial independence and presided over job cuts. – JC

By Alec Hogg

Iqbal Surve insists that his resignation from JSE-listed Sekunjalo lacks any of the drama that his critics are speculating about. On his way home from a dinner last night, a relaxed Surve told me although he is stepping off the board, he won’t be selling down the 55% stake his privately owned business owns in R650m listed company.

Says Surve: “I have been the CEO and chairman of Sekunjalo for 14 years. That’s quite long enough. There’s an excellent management team in place and the new chairman and deputy chairman have been around for years. After such a long time, I need to give the management team the opportunity to get out of my shadow. That’s why I’m stepping away completely. But I’m not selling out – I think it’s a great long-term investment so if any Sekunjalo shares become available on the market, I’ll be buying.”

Surve says his decision has nothing to do with a growing workload at his media interests: “The Independent Group is doing really well. We’ve recruited an excellent management team from outside and from our competitors and we’re seeing the benefits. I have a full life already – apart from Independent I also serve on one of the World Economic Forum’s  Global Agenda Councils and have my philanthropic interests. ”

He was surprised at reports of being ousted after an apparent boardroom battle at Sekunjalo: “Don’t these people read the Press statements. The company is doing really well which makes it easier to step away. Any suggestion of boardroom tension is absolute nonsense.”

 

Announcement*

SKJ 201411060049A

Changes To The Board Of Directors

SEKUNJALO INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1996/006093/06)
ISIN: ZAE000017893
JSE Share Code: SKJ
(“Sekunjalo” or “the Company” or “the Group”)

CHANGES TO THE BOARD OF DIRECTORS

In compliance with paragraph 3.59(b) and paragraph 3.59 (c) of the JSE Limited (“JSE”) Listings Requirements, Sekunjalo hereby advises
shareholders of the following changes that are taking place to the board of directors, with immediate effect:

– Dr M Iqbal Survé (“Dr Survé”) has tendered his resignation as executive chairman and executive director of the Company.

The board wishes to thank Dr Survé for his dedication, leadership and valued contribution and wish him well in his future endeavours.

– Professor Vukile Charles Mehana’s status as a non-executive director will change from independent non-executive director to
independent non-executive chairman of the Company.

– Mr Salim Young’s status as a non-executive director will change from lead independent non-executive to lead independent non-executive and deputy chairman of the Company.

6 November 2014
Cape Town

Sponsor
PSG Capital

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