JSE-listed Imperial Holdings CEO Osman Arbee has been placed on medical leave until January 2019, after he underwent surgery in June that subsequently led to a minor stroke.
Once Arbee has recovered, he will continue his role as Motus CEO.
The proposed unbundling of Motus – Imperial’s automotive business – to become a separately listed company, remains on track to be finalised in the fourth quarter of this year.
“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 previously stated.
In the meantime, Imperial CFO Mohammed Akoojee will act as interim Imperial Holdings CEO, until the conclusion of the unbundling of Motus. He will then be appointed CEO designate of Imperial Logistics.
Motus CFO Ockert Janse van Rensburg will be acting CEO of Motus until Arbee returns.
Marius Swanepoel will continue to serve as the CEO of Imperial Logistics and will undertake the role of the CEO of Imperial which will be renamed Imperial Logistics on conclusion of the unbundling. Swanepoel will retire as CEO in June
2019 and will remain as director to December 31, 2019.
Akoojee will succeed Swanepoel as CEO with effect from July 1, 2019.