Founding CEO and chief financial officer of black-owned property company Delta Property Fund [Delta owns a range of office buildings and is the landlord of a number of government entities. The office property sector is currently experiencing a very difficult time, worsened by the impact of the coronavirus pandemic.
Bongi Masinga, currently a non-executive director, has been appointed as acting CEO and Marelise de Lange, currently an independent non-executive director, as interim CFO with immediate effect. Due to the extensive experience of both Masinga and De Lange, the board says it has full confidence that they are best placed to ensure that Delta will continue to operate without any disruptions in its day-to-day operations.
The board will update shareholders on the appointment of suitable replacements for the above positions in due course.. No reason was provided for the decision, but it seemed the hope was that a combined bigger group would have made it easier to secure financing and investors.
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Delta CEO and CFO resign with immediate effectThe move will enable shareholder Cornwall Crescent to bring in new leadership at the black-owned property fund
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