Retail giant The Foschini Group (TFG) announced on Wednesday that it has appointed corporate heavyweight and former Goldman Sachs sub-Saharan Africa boss Colin Coleman as an independent non-executive director.
Coleman, who has 25 years’ experience in local and international finance and banking, is a known backer of President Cyril Ramaphosa.
His appointment to TFG’s board follows his departure from Goldman Sachs at the end of last year, having spent two decades with the global investment banking conglomerate.
Named as one of Euromoney’s World Top 10 ‘Financing leaders for the 21st Century’ in 2010, Coleman was also recently appointed as a senior fellow and lecturer at the Jackson Institute for Global Affairs at Yale University.
“In his close on 20-year career at Goldman Sachs, where he was named a partner in 2010, Coleman served as chief executive officer of Goldman Sachs for sub-Saharan Africa, head of its South African business and head of its investment banking division for sub-Saharan Africa,” TFG noted in a statement on his appointment to its board. “Coleman currently serves on the steering committee of the CEO Initiative and is also co-chair of the Youth Employment Service (YES).
It said his appointment brings a range of skills and experience to the board that will further strengthen the group’s “current leading position”.
“At its interim results announcement in November, TFG generated free cash flow in excess of R1.1 billion which is equal to 91.4% of net profit after tax,” it added.
TFG CEO Anthony Thunström said in the statement that diversification and accelerated investment into digital transformation has enabled the group to outperform the market in all three of its major international territories and deliver resilient earnings despite challenging conditions.
“Our strategy is underpinned by strong leadership that enables a culture of ethical management and effective control,” he said. “The board welcomes Coleman to TFG and looks forward to his contribution.”
TFG, which has over 4 000 outlets in 33 countries on five continents and employs more than 29 000 people, noted in a trading update on the JSE on Friday that it experienced solid November/December trading, including “a record high” Black Friday for the group.
The Cape Town-headquartered retailer is expected to release its full-year results to March in May.