Mustek founder, CEO David Kan dies
David Kan (62), CEO of Johannesburg Stock Exchange (JSE)-listed PC distributor Mustek, has died.
The company announced Kan’s death yesterday, saying further details of the Mustek founder’s demise will be made available at a later stage.
“It is with profound sadness that Mustek Limited confirms that David Kan, our much loved and respected co-founder and CEO since the group's inception in 1987, has passed away. We extend our most heartfelt condolences and sympathy to David’s family. Our thoughts are with them at this most difficult time,” read a statement from Mustek.
Kan founded Mustek in 1987 and was the major shareholder of Mustek at the time of his death and had, over the years, guided the company to growth.
In its latest financial report, for the six-month period ended December 2021, Mustek’s gross profit increased 16.2%, compared to 13.9% in December 2020.
Mustek’s revenue rose 12.5% to R4.19 billion, basic earnings per share were 232.72c, up 17.9%, while operating profit surged 17.7% to R252.90 million.
Mustek Group was listed on the JSE in 1997, and currently comprises the active operations of Mustek and Rectron.
The Mustek board formally notified shareholders this morning through a statement issued via the JSE news service, saying Kan “leaves behind a proud legacy of strong and principled leadership, and he will be sorely missed by his fellow directors, the management and all employees at Mustek”.
It adds: “The board extends its deepest sympathies and condolences to David’s family and to everyone at Mustek whose lives he touched so deeply.
“The board will convene in due course to discuss changes to the board and its committees, which changes will be communicated.”