After 23 years at the helm, PSG founder Jannie Mouton is stepping down as non-executive chair and director of investment holding company PSG and subsidiaries PSG Financial Services and Zeder.
In a note to shareholders in May, Mouton announced that he had been been diagnosed with an early form of dementia.
Below is his resignation letter.
Dear Shareholders, Colleagues & Friends,
I wrote to you in the beginning of this year to inform you of my health condition (early dementia).
South Africa has had many disappointments and challenges during the past 12 months given certain corporate failures, the status of our economy and the like, but it remains a country of opportunity. I have always believed that one must look at every challenge as an opportunity and that a negative person has never really created anything. I therefore sincerely believe that my health condition, although challenging, has also created opportunities for myself and those around me. It has allowed me to spend more time with my wife and family, to engage with others in ways that I had never done before and to take stock of what has been created. It has also allowed me to pass the baton by way of a smooth transition to those individuals whom I have
groomed over many years. PSG Group and all the various investee companies have exceptional and innovative management teams in place and I will follow them with interest as a shareholder.
I have been fortunate to have had an incredible corporate life. I look back to so many things that we have built from humble beginnings. There are no shortcuts to success. It takes innovation, hard work, dedication and always a bit of luck. I have also been fortunate to work with talented individuals that have all the aforesaid qualities. Please continue with your good work – you have the PSG DNA!
I have realised that if I want to make the best of my time left, I need to focus on my health, I need to further relinquish responsibilities I may have, and I need to give certainty to the investment community at large. I have therefore after careful consideration and deliberation with my medical team, family, friends and PSG colleagues decided to resign as non-executive
chairman and director from the PSG Group, PSG Financial Services, and Zeder boards.
Thank you to everyone for your loyal support over many years. Thank you to every investor that has believed in and supported PSG Group over many years.
Thank you to the thousands of employees serving throughout the bigger group for all your hard work and dedication. Thank you to the PSG Group Board, Executive Committee and everyone else at our office for your continued commitment and support. Lastly, thank you to my family and to Deidré, my wife. It has been an incredible journey!
‘PSG Group has built up a remarkable team of people who manage great businesses in many industries and I am excited about the future of our group. I will still see you in the office and hallways of PSG Group.
Lastly, I continue to believe in South Africa and the many opportunities it presents. We know South Africans are intelligent, resilient, considerate and responsible people and I urge everyone to be positive about the future despite the challenges we are facing. Let us continue to build South Africa and create job opportunities for all!
20 November 2018
Originally published on Moneyweb