Pembury Lifestyle Group FD Jaco Labuschagne withdraws resignation

Jaco has withdrawn his resignation at the same time as CEO Andrew McLachlan steps down.

On Thursday 30 July, Pembury Lifestyle Group (PLG) announced that Jaco Labuschagne, who resigned as the company’s financial director and was due to leave on 31 July 2020, has withdrawn his resignation. 

Jaco joined PLG in November 2019 as a management accountant after serving as a supervisor and senior accountant at KPMG South Africa. He was appointed as FD in March after previous FD Willem Marais’s resignation. He is a qualified chartered accountant and has a B.Comm honours degree from the North-West University. 

Jaco’s retraction comes as the company announced that its CEO Andrew Robert McLachlan has agreed to step down with effect from 15 August. 
Executive director and extended family member of Andrew, Jason McLachlan, will also be leaving the company. 

The CEO was suspended by the PLG board in January, after an investigation was launched into his allegedly flouting corporate governance guidelines. He managed to successfully fight his suspension after he and other family members, including Jason, threatened to have the board reconstituted. He returned to the company in March. 

PLG has also announced that one of its shareholders, Verityhurst, will be buying 180 million of the company’s shares for R18.9 million. Since the JSE has suspended the trading of PLG shares, the money will be treated as a loan for now, until the company is allowed to issue and trade new shares.
The company also said that Verityhurst's offer comes with the condition that it immediately dispose of the PLG Retirement Villages subsidiary to Andrew.