Grand Parade's Hassen Adams to switch to non-executive chair

Grand Parade Investments [JSE:GPL] announced on Wednesday that its executive chair, Dr Hassen Adams, will become non-executive chair of the company from July 1, 2019.

"GPI thanks Dr Adams, one of the founding members of GPI, for his vision, foresight and contribution over the years. The Board wishes him well in his new role and looks forward to his continued guidance," the JSE-listed group said in a update to shareholders.

As a non-executive chair, Adams will no longer be an employee of the company.  

GPI holds the master franchise for Burger King in SA and has investments in, among others, the GrandWest casino property, Sun Slots gaming and Spur. It announced in February that it was parting ways with Dunkin Donuts and Baskin Robbins as they have negatively impacted on its cash resources.

As Fin24 reported in April, Adams has sold millions of rands worth of GPI shares so far this year.