COMPANIES
Christine Ramon quits Johnnic
Posted Thu, 15 Dec 2005
Johnnic chief executive Christine Ramon has resigned, the
company said on Wednesday.
Ramon said that recent developments, which saw the group's plans
to buy Nafhold fail following Hosken Consolidated Investments
becoming the company's controlling shareholder, made it difficult
for her to make a meaningful contribution to the strategic
direction of the company.
"It is with great sadness that I have taken this decision but
with the change in effective control of Johnnic, I believe it is
appropriate," she said.
Ramon said that she could continue to honour her fiduciary
responsibilities to the board during her six month period of notice
or until such time as a smooth hand-over could be effected.
Johnnic said that Ramon had steered it through a challenging
period of restructuring since she took the helm in September 2004.
"Today, Johnnic is a far more valuable company than the company
she inherited 16 months ago," Johnnic said.
The
restructuring included the unbundling of the company's 62.5
percent holding in Johncom to enable its repositioning as a niche
hotels and gaming enterprise company.
The proposed transaction with Nafhold would have provided a
significant boost to this strategy, resulting in an immediate 34.5
percent stake in Tsogo Investment Holdings (TIH), with real
prospects of increasing the stake.
TIH controls the prize gaming group, Tsogo Sun.
Johnnic chairperson Cyril Ramaphosa said Ramon's resignation was a
great loss to the company.
"While deeply saddened by Christine's decision, I fully
understand and support her decision," he said.
"We owe her a deep debt of gratitude for the conscientious and
diligent manner in which she has managed the affairs of the company
and spearheaded a strategy that would have ensured Johnnic's
position as a major player in the gaming sector."
Ramon said that she was currently considering her options.
Sapa
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