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Brian Joffe will ‘relinquish’ Long4Life CEO post to become chairman

Group posts a strong set of interim results, but news of an unsolicited offer also saw its share price surging over 16%.
Outgoing Long4Life CEO Brian Joffe. Image: Moneyweb

South African corporate heavyweight Brian Joffe will exit the CEO position of JSE-listed Long4Life in February 2022; however, he will not be lost to the company as he will take on the chairman’s role.

This was confirmed by the group on Thursday with the release of its latest results for the half-year ended August 31, 2021.

While Long4Life posted a strong set of interim results, the news that its founder would effectively still be involved as well as the group getting an unsolicited offer, saw its share price surging over 16% by midday.

Joffe is one of the country’s top deal makers having played a leading role in the establishment and growth of Bidvest, prior to setting up Long4Life.

“Shareholders are advised that Brian Joffe has informed the board that he will be relinquishing his position as CEO at the end of this current financial year. The board is, however, pleased to advise that Brian Joffe will continue with the group and will be appointed as chairman at that time,” the group said in a statement.

Long4Life noted that its current chairman, Graham Dempster, is  consequently to assume the role of deputy chairman.

“The board is delighted that Brian will continue to participate in the company’s future in a strategic role and that Long4Life will continue to be guided by both Brian and Graham’s superb leadership and remarkable experience,” the group added.

“The board has commenced a process to identify Brian’s successor and to allow for a timeous and smooth handover. Shareholders will be advised on progress made in this regard in due course,” it said.

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Surely the reason for the 15% increase in the share price is the unsolicited offer L4L received from a 3rd party?

Writer didn’t get to the end of the announcement it seems

Brian Joffe is a business champion. Although Long4Life hasn’t produced the same successes, as previous ventures.

I’m certainly hope that candidates with the right BEE credentials, will be at the top of the list, for appointment as the next CEO.

My apologies but the gardening service can’t release any staff for the CEO application

You mean that L4L must go the same route as ALL the municipalities and ALL SOE’s?
And by ALL I mean every single one is translated from a financial healthy concern to a beggars lot.
You must feel very clever nè.

Maybe if he put Cyril as chairman, again, and pumped R100s on million into his pockets for not even attending meetings, again, long4life could have possibly also recieved billions in goverment work and also be a major success like bidvest is.

Hmmm… Becoming Chair after he was CEO is in contravention of King IV.

End of comments.

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