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.