JOHANNESBURG (Reuters) – South Africa’s Brian Joffe will step down as executive chairman of foodservice group Bidcorp at the end of June to launch his own investment firm, Bidcorp said on Monday.

Bidcorp was spun out of Bidvest in a $5 billion listing, South Africa’s largest in 2016, on the Johannesburg Securities Exchange in May last year.

Joffe, who is also Bidvest’s chairman, will take on the role of non-executive chairman of Bidcorp, the first time he will not be part of the management of either company since founding the group in 1988.

“Brian has informed the Board that he will be launching a new listed JSE investment vehicle which will not focus on activities competitive with the current Bidcorp’s foodservice business,” Bidcorp said in a statement.

Bernard Berson will continue in his role as Bidcorp chief executive.

(Reporting by TJ Strydom; editing by Susan Thomas)

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