Zeder CEO Norman Celliers, who was instrumental in rationalising the company's investment portfolio, is set to leave at the end of this month. Celliers has resigned from the investment company as it is considering a shift in strategy following the sale of its stakes in Quantum Foods and Pioneer Foods.
In June, the company sold its 32.1% stake in Quantum at R5 per share to Country Bird. It disposed of its 28.6% interest in Pioneer for R6.41 billion to PepsiCo earlier this year as part of the US food and beverages giant's takeover of the local group.
Following these actions, Zeder said it decided to reconsider its future, including one of unlocking more value in a responsible way. It said it had excellent investee companies that were well positioned to continue to expand locally and across the continent. Its remaining investments include agri businesses Kaap Agri, Zaad Holdings, Agrivision Africa and Capespan, as well as The Logistics Group.
Inceconnect.co.za reports that Celliers, who will step down as as CEO and executive director, joined Zeder about eight years ago. The company said he was instrumental in initially rationalising the investment portfolio and then creating various platform companies within the company ranging from agribusiness to logistics. He also played a leading role in assisting the group with exiting specific investments.