Woolies group finance director resigns

Woolworths group finance director Reeza Isaacs has resigned and will leave the highend food and clothes retailer at the end of June to “pursue new interests”.

The board accepted his resignation and “expresses its sincere appreciation for his service and contribution over the past 10 years and wishes him well in the future”, the company, valued at R66.43bn on the JSE, said.

Zaid Manjra has been appointed as the interim CFO. He is a chartered accountant with almost 20 years of experience, of which the last 15 have been with the group.

“The board will advise shareholders and noteholders of a permanent appointment of a group finance director in due course,” the company said in its brief statement.

Isaacs was part of the team involved with the purchase of the Australian department store David Jones in 2014. Woolworths recently sold David Jones to mark the end of a costly chapter in its history after paying R21.4bn for the business in 2014, but later writing down more than R12bn of the investment.