Texton CEO, finance director resign

Texton Property Fund‚ formerly Vunani Property Investment Fund, announced on Friday its CEO Rob Kane and finance director Marelise de Lange had resigned.

Texton Property Fund says its CEO Rob Kane and finance director Marelise de Lange have resigned.

Texton Property Fund‚ formerly Vunani Property Investment Fund, announced on Friday its CEO Rob Kane and finance director Marelise de Lange had resigned.

Both top executives would remain with the company until July 31 to facilitate the transition to a new executive team.

Texton chairman Dempsey Naidoo said the two had played an important role in growing the company into a significant fund since listing on the JSE.

"In addition to its SA portfolio, Texton has also made solid progress in its strategy to achieve geographic diversification beyond South African borders, and has already acquired a number of attractive properties in the UK that will shortly bring its asset base to approximately R5 billion. Owing to the added demands on their time and the need for extensive travel, Rob and Marelise have decided to pursue other opportunities," Naidoo said.

To facilitate a smooth transition, De Rauville, who is currently a non-executive director of Texton, had been appointed joint chief executive officer with immediate effect.

Lyndon Kan, a senior employee of Texton Property Investments, has been appointed an executive director and chief operating officer of Texton.

The appointment of a financial director is well underway and an announcement is expected to be made shortly.