Grand Parade appoints Colin Priem as chief finance officer, and share leaps

Grand Parade Investments’ share price jumped 11% to R2 on Tuesday after it announced it had filled its vacancy for chief financial officer with one of its directors, Colin Priem.

The South African franchise holder of Burger King announced on May 11 that Shaun Barends had resigned as chief financial officer, with effect from June 30.

Barends’s resignation followed Tasneem Karriem’s resignation as CEO on April 4.

Chairman Hassen Adams has doubled as CEO while the group finds a suitable replacement.

“With the change from a nonexecutive director to executive financial director, Colin will step down as the chairman and member of the audit and risk committee, as a member of the remuneration and nomination committee and as a member of the investment committee,” Tuesday’s statement said.

Prof Walter Geach will replace Priem as chair of Grand Parade’s audit and risk committee, who in turn will be replaced by Rasheed Hargey on the group’s various committees.

On Monday, Grand Parade announced it had met its contractual obligation to open 80 Burger King outlets ahead of deadline.

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