New Remgro alternate executive director to CEO Jannie Durand explained

Remgro has appointed Carel Petrus Francois Vosloo as an alternate executive director to CEO Jannie Durand to enable him to focus on the company’s strategy, while Vosloo will work on capital allocation and portfolio management. 

Vosloo’s appointment was revealed in a late announcement last week Friday, which gave no reason for Vosloo being made Durand’s alternate executive director. 

In response to questions from Daily Investor, Remgro said Durand will continue with his full-time responsibilities as CEO and executive director.

Due to Remgro’s large unlisted portfolio, which has grown significantly in the past few years, the company said Vosloo’s appointment would “facilitate the capacity for Durand to focus on strategy and other matters”. 

Vosloo will, in turn, assist with Remgro’s capital allocation and portfolio management. 

Vosloo has a BAcc Honours degree from Stellenbosch University and an MComm (Tax) from the University of the Witwatersrand. 

He is a qualified Chartered Accountant and a CFA Charter holder. 

Vosloo joined Remgro following a lengthy stint at Rand Merchant Bank from 2004 to 2022, where he held various positions, including co-head of corporate finance and co-head of investment banking. 

He joined Remgro in March 2022 in his current role as an investment executive.

Vosloo’s appointment comes after Remgro posted disappointing results for the six months through December 2023 earlier this year. 

The company’s total earnings amounted to a loss of R2.39 billion compared to a profit of R3.95 billion in 2022. 

Remgro’s headline earnings decreased by 40.1% from R3.53 billion to R2.11 billion, and headline earnings per share are down by 39.1% from 626 cents to 381 cents.

This is largely due to the R208 million loss Heineken Beverages contributed to Remgro’s earnings in the period and a lower contribution from CIVH.

“Despite the evident challenges and the resulting negative performance delivered in this interim period, these results are reflective of a point in time,” Durand said at the time.  

“As long-term investors, we avoid static evaluations, especially during periods of consolidation.”

“We believe in the value that will be created through the evolution of our portfolio, and as a matter of priority, we remain focused on implementing interventions to improve performance at our core assets.”