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Rand Merchant Investment chairman to retire

South Africa-based Rand Merchant Investment Holdings Ltd. said Chairman Gerrit Thomas Ferreira will step down from the role, effective March 31.

Ferreira will reach the point of compulsory retirement when he turns 70 in April, Rand Merchant Investment said March 7. The company named Deputy Chairman Jannie Durand as Ferreira's replacement.

Jan Dreyer, Pat Goss and Khehla Shubane will also step down from the company's board, to be replaced by Mamongae Mahlare, Ralph Mupita and James Teeger, with David Frankel as Teeger's alternate. Dreyer and Shubane's resignations also take effect March 31, while Goss' is effective April 10.

The company said Goss' replacement as lead independent director will be announced in due course.