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Johannesburg - Recently listed gaming investment company Grand Parade Investments (GPI) has already seen a change of guard at top level.
On Wednesday GPI announced CEO Richard Hoption had stepped down after a perhaps a worryingly short tenure in the hot seat.
Hoption, who begun consulting for GPI at the beginning of the year, was appointed CEO of GPI shortly before the group listed on the JSE.
Hoption, who will remain at GPI in a consultative role, will be replaced in September by Adrian Funkey - a chartered accountant with executive work experience with Sun International.
Funkey's experience with Sun International will probably stand him in good stead with GPI as the group's main investments comprise Sun International operated casinos.
Unexpected changes in executive responsibilities do usually not go down well with the market - especially in newly listed companies.
GPI, one of the most anticipated listings on the JSE, has looked weak of late, and has drifted down to 305c after making its market debut close to the 500c mark.
No official explanation was given for Hoption's sudden decision to relinquish the role as CEO, except for the curt observation that he "recently indicated his desire to step aside from that role".
But GPI chairperson Hassen Adams said on Wednesday: "Richard will remain with GPI and focus on investments and strategy including looking at new opportunities of which there are currently a number under consideration".
- Fin24.com