Embattled Pinnacle yesterday saw shareholders refuse to endorse its remuneration policy, and the implementation thereof.
The listed company hosted its annual general meeting yesterday and asked shareholders to vote on several issues, including the reappointment of directors, and its pay policy. However, shareholders owning only 43.73% of its stock were in favour of its remuneration policy, with 50.49% against, and the balance abstaining from the vote.
In addition, the resolution to re-elect Daphne Mashile-Nkosi as chairperson was withdrawn before the vote as she resigned from the board on Monday. Pinnacle deputy chairman Ashley "Oshy" Tugendhaft, said: "After evaluating her board commitments, other board positions and activities, Ms Mashile-Nkosi has reluctantly decided that she will have to resign from the board."
According to her Who's Who profile, Mashile-Nkosi is chairperson of Kalagadi Manganese, CEO of Kalahari Resources, and is founder and director of Temoso Technologies, among other board positions. She was voted CEO of the Year for 2014 at the African CEO Forum in Geneva.
Tugendhaft, who will act as chairperson until one is appointed, notes Mashile-Nkosi has been chairperson for more than three years. "We thank her for her valued contribution to the Pinnacle board and wish her the very best."
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In addition, the resolution to ratify the appointment of head of distribution, Henry Ferreira, as an executive director, was withdrawn because he has also taken on the day-to-day operational responsibility as CEO of Pinnacle Micro, says Pinnacle.
As a result of this appointment, he stepped down from the board on Monday to "focus his energies on the successful outcome of his additional responsibilities". An ICT veteran, Ferreira joined Pinnacle's board in June to boost its capacity and assist in managing the company's future growth.
Before this, Ferreira held the role of CEO of AxizWorkgroup, a major subsidiary in the Pinnacle Group, for two years. Before that role, he held the position of country GM for Lenovo Africa.
Pinnacle stock closed higher yesterday, at R12.26 - a 96c or 8.5% gain on the day. Its share price has been attempting to recover since it said, at the end of August, that charges of bribery were dropped against executive director Takalani Tshivhase.
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