Brian Joffe to leave Bidcorp for his investment firm

South Africa’s foods service group said its Chairman, Brian Joffe will be leaving the group to focus on his investment firm.

A statement by Bidcorp said Brian Joffe will step from the company.

Bidcorp was spun out of Bidvest in a $5 billion listing, South Africa’s largest in 2016, on the Johannesburg Securities Exchange in May last year.

Joffe, who is also Bidvest’s chairman, will take on the role of non-executive chairman of Bidcorp, the first time he will not be part of the management of either company since founding the group in 1988.

“Brian has informed the Board that he will be launching a new listed JSE investment vehicle which will not focus on activities competitive with the current Bidcorp’s foodservice business,” the company said

To replace Brian Joffe, Bidcorp said Bernard Berson will continue in his role as Bidcorp chief executive.