Stage set for Choppies' moment of truth

Friday, August 30, 2019

Ottapathu faces a stern test on September 4 PIC: Moreri Sejakgomo

Choppies shareholders head for a watershed extraordinary general meeting (EGM) next week to choose the directors they believe can lift the regional grocer out of more than 11 months of crisis that has cost them at least P1.7 billion in share value.

The EGM on September 4, the first time shareholders meet since November 2017, will essentially pit three current non-executive directors against suspended CEO, Ramachandran Ottapathu and his choice of three new board nominees.

The position of Choppies long-serving chair and former president, Festus Mogae, who has publicly fallen out with Ottapathu, will not be up for a vote as a decision has been made for him to step down at the annual general meeting to be held.

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Stage set for Choppies' moment of truth

Choppies shareholders head for a watershed extraordinary general meeting (EGM) next week to choose the directors they believe can lift the regional grocer out of more than 11 months of crisis that has cost them at least P1.7 billion in share value.