Barloworld's share price soared to a record high on Thursday, after the brand management group said it was considering unbundling its motor division and coatings business, which could both list separately on the JSE.

However, the group also lost its chairperson at its AGM on Thursday — after criticism from Barloworld's largest investor, the Public Investment Corporation (PIC).

The PIC had complained that although Barloworld's chairperson Warren Clewlow last year said he would step down in 2007, he was standing for re-election at the AGM.

However, Clewlow announced immediately that he would not stand for re-election, and would step down "at the conclusion of today's (Thursday's) AGM", the Business Day reported.

Barloworld had also come under fire earlier in the week from the PIC for its lack of transformation.

However, its share price soared 7.35 percent on Thursday, as the group said it would now be focused as a distribution company, which includes integrated product support, rental and logistics solutions.

The group would make further announcements with regards to the possible delisting of its motor division at its half year results in May this year.

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