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John Stuart, the CEO of embattled Phumelela Gaming and Leisure - which is under business rescue - has resigned with immediate effect, the company said on Friday.
Stuart was appointed to the position in September 2018, and has seen the company through financial difficulties which have been exacerbated by the impact of Covid-19, and South Africa's lockdown, on the horse racing industry.
In a statement published on the JSE Stock Exchange News Service, the company said Stuart would be "stepping down as CEO and as an executive director....with immediate effect."
His successor was not immediately named. The horse-racing and betting operator recently announced that it had filed for voluntary business rescue, as due to its deteriorating financial position, it was unable to pay creditors, partly because of the loss of income linked to the suspension of racing events.
John Evans has been appointed the business rescue practitioner of the the company. Stuart's predecessor, Rian du Plessis, resigned in September 2018 after 10 years at the helm.
