COMPANY NEWS IN BRIEF
Old Mutual’s investment chief resignsOld Mutual’s head of investments, Khaya Gobodo, has resigned, leaving a gap at a key business unit just over four months after its head of short-term insurance also departed.Gobodo resigned as managing director of Old Mutual Investments to pursue interests outside the group, according to an internal announcement by group CEO Iain Williamson last week and seen by News24.Gobodo’s gardening leave is effective from 9 September, while his last day with Old Mutual will be 31 March 2025.“Khaya played an instrumental role in the restructuring of our asset management business,” Williamson told News24, though he declined to say where Gobodo was going.“While I’m sad to see him go, I’m also happy for him as he takes on new opportunities that will help him build the kind of personal legacy he desires.”Gobodo joined Old Mutual and was appointed as managing director of Old Mutual Investments in January 2018.-FIN24
Sasol names former climate negotiator as its new chairChemicals and energy giant Sasol has appointed SA’s former chief climate negotiator Muriel Dube as its new chair with effect from Friday.Dube has an MSc degree in environmental change and management from Oxford University and has an extensive background in sustainability, commercial, finance, and leadership roles, Sasol said in a statement.She previously served as the chief negotiator for the government of SA in climate change negotiations under the United Nations Framework Convention on Climate Change and as director of atmospheric protection and chemicals management at the Department of Environmental Affairs and Tourism. Subsequently, she was the group commercial director at Bidvest, an investment banker at Investec and CEO of Nozala Investments, which is a broad-based black women-led investment company. Currently she is a non-executive director at the UK Infrastructure Bank. Her past non-executive director roles include Control Risks UK, Apogee Sustainability, Vodacom SA, Bidvest, PG Group, Bravo Brands, Fluormin, and Enviroserv.
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Mr Price sees itself catching SA’s next retail wave after choppy watersMr Price says it is confident that its investment in acquisitions, technology, and stores during a tough economic cycle has positioned it well to benefit from expected tailwinds of lower fuel prices and interest rates.Speaking at a capital markets day for investors, chairperson Nigel Payne said the JSE-listed retailer was in a “very good place” because of its “investment in the tough times”.
He noted that as a fashion value retailer, Mr Price would be one of the companies that would take the “hit first” when the economy came under pressure but would “bounce back first” and “bounce back strongly”.Using a surfing analogy, Payne said that, in particular, the past four and a half years had been the toughest in the group’s 40-year history but that the group had been “doing the right things” and “paddling appropriately”.“Retail can be tough, particularly fashion retail. In addition to all the other things that retailers face, we have got seasonality, the weather, and the last couple of years have been tough. I liken it sometimes to looking out there at the ocean, paddling out on the surf ski when the conditions are quite tough, and you got to work hard to get out there through the surf.”
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Lucky Star owner Oceana suffers horse mackerel slump in SA after vessel breakdownFishing group Oceana reported a significant volume decline in horse mackerel sales in SA and Namibia on Monday, even as its Lucky Star business and US operation Daybrook continue to enjoy buoyant demand.At the centre of the problems in the wild-caught seafood segment were mechanical issues in a key shipping vessel, as well as reduced catch rates and weaker market prices in Namibia, the group said in an update for the 11 months to 25 August on Monday.But even with an 84% fall in horse mackerel volumes in SA, there were also bright spots with the company reported a “marked improvement” in the operating performance of its hake business, with sales volumes increasing 31% “with improved sea days and catch rates resulting in a better fleet performance”. European demand also supported strong pricing.The JSE-listed fishing group also closed its West Coast factories earlier than usual to enable upgrades, which also affected production volumes, which fell 26%. But it has since reopened with improved efficiencies and margins. The Desert Diamond also resumed fishing early in August after having been unable to fish for most of the 11-month period due to a “major mechanical failure”.Oceana said that it had “performed well” overall, with Daybrook continuing to build on a strong first-half performance, while Lucky Star benefitted from consistent demand for affordable protein.Lucky Star’s sales volumes declined 2% during the period, but the company noted this follows record demand in the prior year and adding that the brand continued to “drive growth of canned fish through product affordability, availability, and versatility.”-FIN24