Successive resignations at management level could signal boardroom trouble in the automotive and energy storage group
Metair executive Bridgitte Mathews resigned from the energy storage and automotive component specialist in late April. Picture: SUPPLIED
“The board of directors of Metair would like to thank Ms Mathews for her valuable service and contribution to the company during her tenure and wishes her well in her future endeavours,” the board said, without giving reasons for her unexpected departure. The recent C-suite resignation trend that is emerging seems to be seeping across JSE-listed groups. Last month Business Day reported at least 41 CEOs and CFOs have resigned from their positions in companies listed on the JSE in the past 16 months.His resignation came just weeks before the group warned shareholders that it expected profits for the year to end-December would fall by at least 104% as it battled numerous headwinds in both the automotive and energy storage vertical.
Though Thandeka Mgoduso was appointed as the new chairperson, the appointment is subject to shareholder confirmation at the upcoming AGM, which is expected to be held in May.Despite the recent murky and abrupt exodus of leaders, swinging from a profit to a loss because of multiple challenges, including the floods in KwaZulu-Natal, global supply chain disruptions and raw material shortages, Metair has said that the outlook for production volumes in SA is promising.
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