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Founding CEO and chief financial officer of black-owned property company Delta Property Fund [JSE:DLT] have resigned with immediate effect, the company informed shareholders in a JSE-notice.
Delta owns a range of office buildings and is the landlord of several government entities. The office property sector is going through a tough time, worsened by the impact of the coronavirus pandemic.
The resignations of the CEO Sandile Nomvete and the CFO Shaneel Maharaj are with immediate effect.
Furthermore, the chief operating officer Otis Tshabalala has elected to not complete his notice period, as announced at the beginning of July, and is also leaving with immediate effect.
Bongi Masinga, currently a non-executive director, has been appointed as acting CEO and Marelise de Lange, currently an independent non-executive director, as interim CFO with immediate effect.
Due to the extensive experience of both Masinga and De Lange, the board says it has full confidence that they are best placed to ensure that Delta will continue to operate without any disruptions in its day-to-day operations.
The board will update shareholders on the appointment of suitable replacements for the above positions in due course.
Fin24 reported in March this year that Delta and fellow black-owned property fund Rebosis had called off a planned merger. No reason was given for the decision, but it seemed the hope was that a combined bigger group would have made it easier to secure financing and investors.
