Ellerine Holdings Limited, a South African company with the Ellerines, Beares, Furniture City, Dial.a.Bed, Geen & Richards and Wetherlys brands under its belt, falls within the [DATA ABL:African Bank Investments Limited] (ABIL) group.
Fourie, who will also retire as executive director at ABIL and African Bank, indicated his intention to step down in 2013.
“Toni served his notice in early November 2013, indicating his intention to leave the group, subject to further discussions. These discussions have concluded and Toni has confirmed his decision to resign. An announcement will be made within the next month with regard to the appointment of the new CEO of EHL [Ellerine Holdings Limited],” the group said.
“The boards of ABIL and African Bank express their appreciation and thanks to Toni for his valued contribution, passion and commitment to the operations of both African Bank and EHL since his appointment in 2003, and wish him well for the future.”
Thamsanqua Sokutu will also retire as executive director of ABIL and African Bank, effective 6 February 2014, following an extended leave of absence due to health reasons. He indicated his intention to step down and leave the group so as to focus on his wellbeing.
“The boards thank Tami for his valued contribution as a member of the boards over the last ten years and the pivotal role he had in the evolution of this industry. The boards wish him a speedy recovery,” said the group.
Both Fourie and Sokutu will not make themselves available for re-election at the annual general meeting.
ABIL, a major player in the unsecured lending space, suffered a 1.5 billion rand economic loss for the financial year ended 30 September 2013.
“Economic conditions in South Africa continued to be challenging during the past financial year, characterised by lower consumer confidence, pressure on disposable incomes, higher levels of indebtedness and labour market unrest in certain industries,” it said.
“The South African economy and operating environment in which both the credit and retail businesses operate continue to prove challenging with little respite expected in the next financial year. ABIL’s response to address the challenges is beginning to produce the desired results and should provide a solid underpin for a recovery.”