Christo Wiese steps down as Brait chair

Cape Town – SA billionaire businessman Christo Wiese is retiring from his role as non-executive chairperson of investment company Brait [JSE: BAT], the investment holding company told shareholders in a directorate on Wednesday morning.

Wiese will also step down as non-executive director of Brait's investee company New Look.

The reason given by Wiese was “time constraints”. His retirement came into effect on Tuesday May 8.

“Dr Wiese will retain his non-executive directorship of Brait and has,effective 8 May 2018, appointed Mr Jacob Wiese as an alternate.”

Further Chris Seabrooke, a non-executive director of Brait and chairperson of its audit committee is appointed as non-executive director to the boards of Brait’s four main investee companies.  These are Virgin Active, Premier, Iceland Foods and New Look.

He will also take over the role as non-executive chairperson of Brait.

Brait's share price was trading down 1.17% at R38 by 09:51 on the JSE.

• READ: SA billionaire Christo Wiese sues Steinhoff for R59bn

Wiese recently announced that he was suing Steinhoff [JSE:SNH], essentially to recover R59bn from his sale of Pepkor.

Steinhoff is assessing the claim.

Steinhoff shares were trading up 1.65% at R1.85, a mere shadow of its 52-week high of R74.