JSE-listed Clover Industries on Thursday announced that an initial board has been selected for its newly established wholly owned subsidiary Dairy Farmers of South Africa (DFSA).
Dirk Reyneke has been named independent nonexecutive director and chairperson, with Louis Botha taking the reins as CEO and executive director.
Other executive directors include Frederick Booysen and Tobias de Villiers.
Nonexecutive directors appointed by the milk producers comprise Johannes Strydom, representing the Highveld region; Shayne Simpson, representing the KwaZulu-Natal region; and Craig Lake representing the Eastern Cape and Western Cape regions.
Johann Vorster and Jacques van Heerden have been appointed by Clover as nonexecutive directors.
This followed the July 1 implementation of the issue and allotment of the B shares in DFSA to milk producers, which now hold 74% of the voting rights of DFSA.
Clover holds all the A shares, which constitute 26% of the voting rights of DFSA.
As part of its expansive restructure, Clover, in April, transferred the nonvalue-added dairy business to DFSA, under a written transfer of business agreement, in exchange for shares in the subsidiary.