The remaining firm will be headed by Marius Swanepoel until 2019, when Mohammed Akoojee will take over.
South African transport group Imperial Holdings has announced that it will spin off its auto dealership business, Motus, into a separate JSE-listed company. The board believes that in so doing, the component parts of its businesses will operate in a more focused and efficient manner.
The unbundling will see 2016 CFO Awards-winning Osman Arbee, who replaced Mark Lamberti as Imperial CEO in May, back in his role as Motus CEO, while Ockert Janse van Rensburg will retain his role as Motus CFO.
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The remaining company, to be renamed Imperial Logistics, will be headed by Marius Swanepoel until CFO Mohammed Akoojee takes over the CEO role on 1 July 2019 (Swanepoel will retire at this point). Akoojee will, however, be appointed CEO designate of Imperial Logistics to facilitate an orderly transition and handover. Akojee will be replaced by George de Beer as CFO of Imperial Logistics.
The company said:
“After considering whether the long-term prospects of Imperial Logistics and Motus will be enhanced by them being separately listed, the board believes the separation of the two divisions will enable the components part of Imperial’s businesses to operate in a more focused and efficient manner, thereby allowing each of the businesses to achieve their respective strategic goals and unlocking value for shareholders over the long term."
This strategic decision to separate the business operations and management of Imperial will provide shareholders with the opportunity to participate directly in Imperial Logistics and/or Motus, the company added.
