Ram Ottapathu, founder of leading Southern African retailer Choppies, is back after being suspended as CEO four months ago.
An extraordinary general meeting (EGM) of Choppies shareholders has ousted the existing board that had decided to suspend Mr Ottapathu after he had made some suggestions as to changes to the board and structural adjustments to the company. A new board has been put in place.
At the EGM of shareholders of the Botswana and JSE-listed retailer held on 4 September 2019, the vote went against the existing board in favour of Mr Ottapathu.
An elated Mr Ottapathu said: “I am happy to have the support of the majority of shareholders.
“Now that we have full alignment between the board and executives, work will start immediately to implement our plans to bring stability to this company.
“I remain committed to getting the business back to where it should be for the benefit of all stakeholders, including the shareholders, staff, creditors and the business community in all the countries where the business operates.”
A resolution to adjourn the EGM was proposed by the board but was not passed.
The EGM thus proceeded, and it was resolved to re-appoint Mr Farouk Ismail and Mr Ottapathu; while Mr Tom Pritchard and Ms Carol Jean Haward were appointed as new members of the board.
The shareholders rejected resolutions to re-appoint Mr Wilfred Mpai; Ms Dorcas Kgosietsile; Mr Ronald Tamale; Mr Hein Stander; Mr Kenny Nwosu; and Mr Oabona Michael Kgengwenyane.
During the EGM, the chairman of the board, His Excellency Festus Mogae, tendered his resignation with immediate effect.