South Africa’s SPAR Group has announced the appointment of Sundeep Tribhovandas Naran as an independent non-executive director, effective 15 February 2022.
The appointment is subject to shareholder approval at the 2022 AGM.
He will be appointed as an additional member of the audit committee in a bid to strengthen the audit committee for succession planning.
It will also mitigate the risk of the membership of this committee falling below the statutory minimum number of members required in the event of any resignations.
An Experienced Professional
Naran is an experienced professional, who currently serves as a senior transactor in the leverage finance team within the investment banking division at Rand Merchant Bank (RMB).
He joined RMB in 2000 and has since held several senior financial and capital markets-related roles.
Previously, he served in the actuarial environment within the employee benefits division of Southern Life at the time of the merger with Momentum.
Naran has also served as a non-executive director and member of the social and ethics and audit and risk committees of RMB clients, including Primedia Holdings and Afrisam Holdings.
He is a qualified Chartered Financial Analyst (CFA) and holds a BSc (Mathematical) degree.
Naran will replace Harish Mehta, who is to retire at the 2022 AGM.
Board Committee Appointments
The company also named new members to replace Mehta in various board committee roles.
Lwazi Koyana will replace Mehta as a member of the audit committee, while Marang Mashologu will be appointed as a member of the nomination committee and remuneration committee.
Elsewhere, Phumla Mnganga will be appointed as chairperson of the remuneration committee.
Naran will take over as a member of the risk committee.