Pepkor has released a statement confirming the resignation of Jayendra Naidoo as a non-executive director of the company and member of the board.
Pepkor Holdings Limited released a statement on Wednesday, 20 January 2021, announcing a change to the board, as part of its obligations as a listed company. The statement was to announce the resignation of non-executive director and board member, Jayendra Naidoo.
In noting the reason for his resignation, the statement alluded to legal proceedings between Naidoo and the parent company, Steinhoff. According to the statement, “In his letter of resignation, Mr Naidoo states that the reason for his resignation is that the litigation between himself and Steinhoff, as the majority shareholder in Pepkor, has made his role as a board member untenable. Mr Naidoo has been a non-executive director of Pepkor since listing in 2017 and he was chairman of the Company from 2017 to 2020.”
The statement further detailed that his resignation from the board will take effect from Monday, 1 February 2021. Therefore, Naidoo will still be recognised as a board member until then. There has been no word yet on what when his position will be filled.
See the post below.
PPHE PPHI Resignation Of Director https://t.co/SjPEsMACal
— JSE_SENS (@JSE_SENS) January 20, 2021