Bidvest Group names insider as CFO
JOHANNESBURG – South Africa’s Bidvest Group on Monday named Mark Steyn, the financial head of its freight business, as the next group chief financial officer after the trading, services and distribution firm posted a 12.5 percent rise in first-half earnings.
Steyn will replace Peter Meijer, who is retiring on Wednesday after 28 years with the company.
Steyn, who will take over from March 1, joined Bidvest in May 1997 and has held various financial positions within Bidvest Freight.
Bidvest, which is also involved in financial services, said headline earnings per share in the six months to Dec. 31 rose to 574 cents from 510.3 cents a year earlier.
The services, freight, and office and print divisions were the outstanding performers, with trading profit climbing 24.3 percent, 18 percent and 12.7 percent, respectively.
“This performance again demonstrates the benefits of our robust and diverse operating units, which collectively serve many key sectors of the South African economy,” group Chief Executive Lindsay Ralphs said in a statement.
The group declared an interim gross cash dividend of 255 cents per share, up 12.3 percent from 227 cents a year ago.