Struggling property group SA Corporate Real Estate’s board is on the hunt for a new chair after Jeff Molobela was removed by a majority of the company’s board.Prudential, Stanlib and Allan Gray, has struggled to deliver dividend growth in a weak economic environment and fund managers have said its diversified investment strategy has disappointed recently.
At the company’s AGM in May, only 55% of eligible votes were in favour of Molobela retaining his position as chair. Molobela said at the time that shareholders had made allegations of mismanagement against Mackey and Basson and that senior counsel JJ Reyneke had been appointed to investigate.
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