Prominent CEO calling it quits after 30 years at top South African investment company

Hosken Consolidated Investments (HCI) CEO Johnny Copelyn announced his intention to retire from the position in the 2028 financial year. 

Copelyn has been at the helm of HCI for 30 years and transformed the company into a multi-billion rand Black Economic Empowerment (BEE) giant. 

A former trade unionist, Copelyn, took over control of HCI when the Southern African Clothing and Textile Workers Union invested in the company in 1997. 

The union became the company’s anchor shareholder and decided to use it as an investment vehicle to build long-term capital for workers’ pensions. 

Copelyn famously gave up his position as a member of parliament to become CEO of the obscure JSE-listed entity. 

Prior to his ascension to the top, HCI had been an investment holding company listed on the JSE since 1973. It was far from a major company in 1997.

Copelyn transformed the business alongside Marcel Golding. First, HCI secured a license for e.tv to operate in South Africa. 

This gave HCI a majority shareholding in the business, which would become eMedia Holdings. To this day, HCI owns 54.1% of the business. 

Copelyn also famously outsmarted Cyril Ramaphosa when the president was the owner of Johnnic. Ramaphosa launched a hostile takeover of HCI’s gaming and real estate assets in 2005. 

HCI turned the tables on Johnnic and ended up taking control of the business, making it a dominant player in the gaming and hospitality industry. 

Today, this can be seen in the company’s large stakes in Southern Sun and Tsogo Sun, where it is the controlling shareholder. 

After outsmarting Ramaphosa, Copelyn looked to diversify HCI, acquiring stakes in Frontier Transport, Deneb Investments, Africa Energy, and a host of unlisted businesses. 

This transformed HCI from a small, obscure business into a company that is valued at R14.4 billion on the JSE today. 

Copelyn’s 30-year run as CEO is coming to an end. He told shareholders in his annual letter that he will retire in the 2028 financial year. 

“To ensure an orderly succession, the board has appointed Kevin Govender as joint CEO together with me,” Copelyn said. 

“Kevin has already been with the company for a long time, and I have every confidence he will quickly grow into a steady hand with many new ideas in this role.”

Copelyn said it has been an honour to have been HCI CEO for the past 29 years and wished Kevin and the new board members the best in their new roles. 

“I trust that giving a fairly early notice of my intentions next year will allow us all an opportunity for our team to adjust itself and seamlessly move on with HCI’s work,” Copelyn said.