End of a 14-year era for Sun City-owner

Sun International’s finance chief, Norman Basthdaw, is set to retire in January 2027 after more than a decade at the company.

Basthdaw joined Sun International in 2013 and has served as its chief financial officer (CFO) and finance director since March 2017.

He will reach normal retirement age in April 2027 and will be succeeded by Vanessa Olver in January 2027.

Sun City announced this C-suite shakeup in a notice to shareholders on Thursday, 20 August. 

The hospitality giant, which operates South Africa’s renowned Sun City resort, thanked Basthdaw for his service to the company.

“Throughout his tenure, he has played a pivotal role in shaping the group’s strategic and financial trajectory,” the company said. 

“His leadership has extended well beyond the finance function, encompassing portfolio optimisation, corporate transactions and the execution of strategic initiatives.”

These initiatives, Sun International said, have strengthened the group’s resilience, competitiveness, and long-term value creation.

Basthdaw is a qualified CA (SA) and holds a B.Compt Honours, CTA, an M.Com, and a higher diploma in company law.

He has spent most of his career working in finance positions at institutions such as Absa, Gensec Bank, Genbel Securities, and Allied Electronics Corporation. 

He joined Sun International in 2013, serving as the group executive of mergers and acquisitions.

In 2017, Basthdaw became Sun International’s CFO, a role he has held ever since.

One of his main legacies at the hospitality giant is spearheading the group’s expansion into Latin America. 

Sun International first entered the Latin American market in 2008 with operations in Chile and significantly expanded over the decade that followed. 

A key to this expansion was the firm’s merger with Chile’s Dreams S.A, which formed Sun Dreams. The merger took place in 2015 when Basthdaw led the mergers and acquisitions team.

At its peak, this joint venture was the largest gaming company in Latin America and spanned Chile, Panama, Colombia, Peru, and Argentina.

Sun International would exit the Latin American market in 2020, largely due to pressure from the Covid-19 pandemic. It sold its stake in Sun Dreams to focus on its domestic operations.

Sun International’s new CFO

Olver is set to take over Basthdaw’s role as CFO at the start of 2027, bringing with her 25 years of senior finance leadership experience.

She currently serves on the boards of Investec and Quantum Change, a consultancy firm based in South Africa.

Prior to these roles, Olver worked at some of South Africa’s top companies, including as Finance Director for Standard Bank Africa, CFO at Business Connexion, and at Absa’s Rest of Africa division.

“Beyond finance leadership, Vanessa has also led major operating divisions and complex technology and business transformations,” Sun International said.

Olver is a Chartered Accountant and holds a B Com and an H Dip Accounting degree from Rhodes University. 

She also holds an H Dip in Taxation from Unisa and a Certified Public Accountant (CPA) designation in the United States through the Illinois Certified Public Accountants Society.

Sun International said that, while Olver is set to become CFO in January 2027, Basthdaw will remain available to the company until April 2027 to ensure a smooth transition.

“The board takes this opportunity of thanking Norman for his significant contribution and dedication to the business over the last 13 years and wishes him well in his retirement,” the company said.

“Likewise, the board takes this opportunity of welcoming Vanessa to the Sun International board and looks forward to her contribution to the group.”