Metair Investments announces departure of CEO Riaz Haffajee

Metair Investments Limited has announced the resignation of CEO Riaz Haffajee as he also occupied the role of an executive director.

Haffajee’s departure was announced on Thursday and the international manufacturer, distributor, and retailer of automotive components, added that his last day will be Friday, March 31.

In a statement to the media, Metair Investments said Haffejee had stepped down as a member of Metair’s social and ethics committee.

“Having joined the company over two years ago and successfully navigating through the impact of Covid-19, floods, and riots, Haffejee is stepping down to pursue other opportunities more in line with his personal career goals,” it said.

“The board has duly accepted his resignation and wishes him well in his future endeavours.”

However, BusinessTech Africa understands that Haffejee will be available for two months until the end of May to ensure a smooth transition and handover.

Metair’s sharp earnings decline was attributed to high inflation in Turkey, and the KwaZulu-Natal floods and the group informed its shareholders that Sjoerd Douwenga, Metair’s chief financial officer, has been appointed as interim CEO and as a member of the social and ethics committee.

Meanwhile, Anesh Jogia, Metair’s finance executive, has been appointed as interim CFO of the company.

A process to appoint a permanent CEO has been initiated, and an announcement will be made once a permanent CEO is appointed.

“The board wishes to express its appreciation for the contribution made by Haffejee during his tenure and conveys its continued commitment to providing appropriate support to the executive and senior management team during this time,” the group said.