Grand Parade Investments appoints new directors

JSE-listed investment company Grand Parade Investments Limited (GPI) is to appoint three new directors to its Board.

Adrian Funkey is to take up his position as GPI’s new CEO with effect from 1 September 2008. Funkey is a qualified Chartered Accountant who has previously held a senior executive position with Sun International Limited, and brings with him vast experience in the gaming and leisure industry.

“Richard Hoption, the current CEO, has recently indicated his desire to step aside from that role. We are very grateful to Richard for his input as CEO, and more especially the pivotal role he played during the very successful listing of GPI in June 2008.

“Fortunately, Richard will remain with GPI and focus on investments and strategy, including looking at new opportunities – of which there are currently a number under consideration,” says GPI chairman Hassen Adams.

In addition, Dr Norman Maharaj and Charl Williams are to be appointed as non-executive, independent directors effective from 1 August 2008.

Maharaj is currently a Commissioner in the Public Service Commission and is an honorary director of Bush Radio and chairperson of the Inter Hospital Co-ordinating Committee.  He is a qualified medical doctor and has held senior executive management positions at a number of Western Cape government hospitals, including Groote Schuur, GF Jooste and Red Cross Children’s Hospitals, and he is a founding member of the National Union of Public Service and Allied Workers.  His extensive public service experience will help broaden the Board’s analytical and decision-making abilities.

Williams is a commercial lawyer practising for Hofmeyr Herbstein Gihwala Inc. He will add to the legal skills base of the GPI Board.  He holds BA (Law), LLB and LLM (Advanced Company Law and Tax Law) degrees, obtained from the Universities of the Western Cape and Cape Town respectively.

“We are absolutely delighted to have people of such high calibre joining us at GPI. All three gentlemen will bring very specific skills and a wealth of experience to the company, the Board in particular, and their presence will further enhance GPI’s already solid corporate reputation.

“With them on board, we will be able to take our company’s corporate governance to new levels of excellence, we will have a stronger skills base on which to draw as we make further strategic investments in the tourism, gaming and leisure industry, and their presence and guidance will make our company an even more attractive proposition to investors,” says Adams.