As the Board elections are drawing near and nearer, the fight between the Company Management and Board of directors is continuing to heat up more and more. Yesterday the management led by Managing Director Pius K. Molefe issued a rebuttal to the statement released two days back by the board of directors.
The press release titled “Suspended MD’s attempted capture of BBSL beyond retirement triggered by succession planning for transition into commercial bank”. In the article, the Board accused the Managing Director of selfishness and trying to stay as the Managing Director even though he should be retiring next year. The Board said Molefe has Twenty-seven (27) years at the helm of BBS Limited. They further accused him of trying to temper with the appointment of the Chief Operations Officer (COO). Justifying why they want to get rid of Molefe before Annual General Meeting (AGM), the Board said Messrs. Molefe and Showa have unlawfully added names of nominees to the notice while leaving theirs out.
In response to the above allergations, the management says it is not true that Molefe has been the Managing Director for Twenty-seven (27) years. The management says Molefe has been a Managing Director for Seventeen (17) years. The management further falsified claims that Molefe is trying to overstay his retirement. The management says Molefe’s contract was renewed by further Two (2) years on January 1, 2021 by the board which knew Molefe is Fifty-eight (58) years, not Fifty-nine (59) as the Board recently alleged.
“It is also worth noting that the Managing Director Mr. Pius Komane Molefe’s contract of employment was renewed by the BBS Limited Board effective 01 January 2021 for a period of two years. The Board is thus aware that Mr. Molefe is 58, not 60 years old as claimed in the write-up. He was initially appointed to his position 17 years ago, not 27 years ago. Regarding the recruitment of a Chief Operations Officer, the BBS Limited Board and aspirants to the position would no doubt have noted that applications closed on Saturday 24 April 2021. Applications will be processed in the normal cause. Therefore, it is strange that the Managing Director is now being accused of undermining succession planning in the organisation on the eve of the 2020 AGM when this has never been raised in the last few weeks.” the management explained.
Regarding Board of Directors nominations, the management points out that no nominees were unlawfully added to the notice. Rather, the claim is that the current retiring directors wanted to block nominations so that they can contest unopposed during the AGM. Contrary to what the article by the board alleged, the management indicate that the names of the retiring directors were not ommited, and they will contest.
Meanwhile, the Board of Directors has hired a private company to organize for the upcoming AGM. The management on the other hand is also preparing for the same AGM.
