, Innscor Africa Limited CEO, Toni Fourie has resigned from the group and its subsidiary boards with effect from 21 August 2016, Group Chairman Addington Chinake said in a statement released by the group board. Toni is expected to handover to a new CEO over the next two months.
Julian Schonken who was the Director for the light manufacturing business segment has been appointed CEO with effect from 01 September 2016. He is expected to work with Foure through the structured transition and handover.
Toni led the group through the recent strategic changes and restructuring which saw the unbundling, disposal, acquisitions and integrations of the group. Of significance was the unbundling and separate listing of the group’s Quick Service Restaurants and the retail business.
“The board wishes to thank Toni without whose leadership ability, strategic orientation and overall contribution the achievement of the strategic agenda would not have been possible”, read the statement.
Julian has been with the group for several years, holding numerous financial and managerial roles within the business. He was previously the Chief Financial Officer of the group.
“Eighteen months ago Julian was transferred to the position of Director light manufacturing business segment. This new role has provided Julian the opportunity to develop his leadership skills and business acumen and to assimilate detailed knowledge of the light manufacturing business”, the group said.
Meanwhile, John Koumides also stepped down as Director Corporate Finance following his appointment as the CEO of Axia Corporation Limited.
John had been with the group for over ten years as CEO and most recently as Director Corporate Finance. John’s resignation was with effect from 01 July 2016.
“During his tenure as Corporate Finance Director, John successfully managed the unbundling projects of Simbisa and Axia”, read the statement.
According to the statement the group’s strategy which commenced in 2014, to build a dominant, focused light manufacturer of FMCG and related products, will go forward. The two key thrusts will continue to be growth, both organic and acquisitive and business optimization.
Toni was appointed to run the Innscor group amid controversy which generated a lot of questions in the market on whether the group had failed to find someone competent locally both within or outside the group to restructure the company.
Below is what FINX said for the half year results to December 2015: The top guy still seems unconvincing. Or maybe he was just hired to oversee the unbundling and then go back to where he came from. Funny enough he feels the need to tell analysts the number of flights he took and at 106 he was not here that much anyway!