South Africa’s favourite market commentator is at his best when recalling connections from decades of growing up in Johannesburg and working at its world famous stock exchange. In this interview from the latest episode of Rational Radio, the Greenside High old boy shares his thoughts on a now famous former schoolfriend, Rodney Sacks, who founded the US’s Monster Energy, a company worth $35bn. Sacks is in the SA news after resigning after decades on the board of Comair, which owns Kulula.com and operates the British Airways licence in Southern Africa. Shapiro also applies his mind to SA-owned Prosus’s unsuccessful R100bn hostile takeover bid for the UK’s JustEat; looks at MTN’s good news from Nigeria and muses on the departure of the Mondi Group CEO after a relatively short stay at the SA-conceived multinational. – Alec Hogg
This high quality interview kicked off the first Rational Radio show of 2020, with veteran David Shapiro in good voice after a globetrotting holiday season.
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He shares his thoughts about Prosus’s unsuccessful hostile takeover bid for the UK fast food delivery business JustEat, with some pointed views on how CEO Bob van Dijk needs to ignore the global media’s “loser” tag and move onto more exciting opportunities.
It’s a big world, Shapiro opines, and Prosus has plenty of opportunities to consider away from the low margin developed markets. We’ll be taking to Van Dijk later in the week – be interesting to hear what he thinks of Shapiro’s comments about not letting the takeover fever impact his ego.
Perhaps the most interesting part of the interview, however, is Shapiro’s take on the turbulence at Comair where there has been a literal clearing out of long-serving directors in the past few weeks. Chairman Pieter van Hoven and his deputy Martin Moritz have left, along with Derek Borer, Peter Welgemoed and, importantly, Rodney Sacks.
Shapiro knows Sacks from his schooldays and although no fan of the product that has made the California resident a billionaire twice over (worth $2.2bn according to Forbes), he remembers him as an aggressive litigator during his 20 years as a partner at Johannesburg-based law form Werksmans.
The conversation also covers the surprise departure of Mondi’s CEO Peter Oswald (see company’s statement below) who had only been in since February 2017. The company’s profitability has been in decline and the seven other members of Mondi’s board led by 10 year chairman David Williams, a chartered accountant who graduated from Manchester University.
With no successor named and the company noting that “remuneration details will be made available… at the appropriate time” it suggests Oswald did not leave willingly – but did pocket a tidy but as yet undisclosed golden handshake to ease any pain.
From Mondi
Peter Oswald to step down as Group Chief Executive Officer
Publication Date:
10 January 2020
Mondi plc (“Mondi” or “the Group”) announces that it has agreed with Peter Oswald, Group Chief Executive Officer (“CEO”), that he will step down as CEO and from the board of Mondi plc, and will leave the Group, on 31 March 2020.
Mondi’s Nominations Committee will now begin the process of searching for a successor to Peter. We are pleased to confirm that Andrew King, Group Chief Financial Officer (“CFO”), has agreed to take on the role of Interim CEO after Peter steps down and until a successor is appointed.
David Williams, Chair of Mondi plc, commented:
“Peter has made an immense contribution to the growth and development of Mondi since joining in 1992, most notably during his tenure as Chief Executive Officer of the former Europe & International Division and subsequently as CEO. His drive to grow the business and his focus on ensuring Mondi’s long-term sustainable future have been invaluable to Mondi. The Board thanks Peter for his contribution to the Group and wishes him all the best for the future.”
Peter Oswald commented:
“It has been an honour to have worked for Mondi and I am extremely proud of what we have achieved together. While I am sad to be leaving, I know the Group is in the hands of a strong Board and an experienced senior management team that will ensure its continued success.”
Notes:
The remuneration details relating to Peter Oswald required to be made available pursuant to section 430(2B) of the UK Companies Act 2006 will be made available on our website (www.mondigroup.com) at the appropriate time.
