Choppies Enterprise Limited has announced that Vice Chairman and Executive Director, Farouk Ismail, has shifted his role to that of Non-Executive Director. However, he will keep his Vice Chairman role, deputising Chairman former President Festus Mogae. According to Choppies website, Farouk is the founder of the Ismail Group of Companies, the group now known as Choppies Enterprises.
He opened the first store in Wayside, Lobatse in 1986 and has witnessed the exponential growth of the group since. “Given his presence in the Choppies Group since its inception, he has a strong understanding of the target market of Choppies and how to address market requirements,” said the website of the Botswana Stock Exchange (BSE) and Johannesburg Stock Exchange listed grocery group.
Ismail steps down from the day to day operations at a time when the group is struggling to grow its bottom line. In Botswana, the company is facing tough competition from old and new players as well as weak economic growth, while in SA its revenues will be affected by that country’s ‘junk’ sovereign credit rating status