MD`s exit expected, says Super Group
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Industrial Correspondent
TRANSPORT and logistics company Super Group says the departure of the executive responsible for its cross-border transport division had nothing to do with the problems experienced in that operation.
Super Group investment relations manager Karen Bell said that Rob Ballentine`s resignation as group MD of FleetAfrica had not come as a surprise, as he had indicated some time ago that he wanted to leave.
Bell said that it was merely a coincidence that Super Group had announced that earnings from its cross-border transport division would decline, the same week that it announced Ballentine`s departure.
Bell said knowledge of a possible change at the top was one of the reasons Dheven Dharmalingam the group finance executive had been appointed group financial director in place of Keith Grunow, who in turn was to tak e control of Super Group`s African operations.
Ballentine would remain in his current job for the next three months and prepar e Grunow for the position , Bell said.
Super Group blamed the strength of the rand and a downturn in business activity for the problems in its African operations.
Imara SP Reid senior investment analyst Warwick Lucas said the costing of this operation in dollars and the drop-off in business activity in Zimbabwe in particular was hurting it.
While the operation was expected to take a knock, it still expected to produce a profit.
Bell said that the cross-border operation accounted for only 8% of its business.
Super Group said that recently acquired Australian company FleetAustralia was performing well and in line with expectations due to favourable trading conditions .
Super Group closed down 11c at R11,70 with 77100 shares traded in 16 deals on Friday.
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