Combined Motor Holdings (CMH) CEO Jebb McIntosh is set to mark 50 years at the top in September, making him the longest-serving CEO among JSE-listed companies.
Having led the business since its founding in 1976, McIntosh’s ongoing tenure surpasses that of his peers while other major SA companies are implementing formal succession transitions.
According to CMH’s recent annual report, a succession plan is in place for executive and nonexecutive roles. However, the group has not indicated when a leadership handover will take place.
McIntosh, now 79, remains in charge, alongside long-serving financial director Stuart Jackson, 72, who has held his position since 1986. The two executives together account for almost 90 years of combined service to the company.
Former Astral Foods CEO Chris Schutte, who retired in January after 16 years in the role, had previously been among the longest-serving JSE-listed company CEOs, followed by the likes of Pick n Pay boss Sean Summers.
CMH’s board of directors comprise nine members including six independent nonexecutive directors and three executives.
The executive team includes McIntosh as group CEO, Jackson as financial director and Bruce Barritt, 66, MD of CMH’s First Car Rental division.
Of the six independent nonexecutive directors, four are black and two white, surpassing CMH’s race diversity policy target of 45%-50% African representation among independent nonexecutives. Gender wise, the board includes four men and two women, meeting the gender diversity target of 30%-40% female representation.
The nonexecutive directors have an average age of 57 and an average tenure of eight years, the report says.
However, several board members, including McIntosh, Jackson, Dixon and Mike Jones are beyond the retirement age of 70.
The company said the board exercised discretion in extending the tenures of long-serving members if deemed appropriate.
“The MOI [memorandum of incorporation] provides that at least one-third of the nonexecutive directors in office must retire each year and the directors to retire will be those who have been longest in office since their last re-election. Accordingly, JS Dixon and ME Jones will retire at the forthcoming AGM but being eligible, offer themselves for re-election.”
While CMH maintains strong financial performance, with consistent profitability and dividends since listing in 1987, governance analysts are closely watching the company’s leadership transition strategy.
According to Financial Mail, CMH executives collectively hold about 44% of issued shares, with McIntosh owning about 34.6%, giving him influence over the business.
While CMH’s CEO tenure may be the longest on the bourse, it is far from unusual in a global context.
Celebrated investor Warren Buffett, 94, for instance, only recently announced his plans to retire after a 60-year run at the helm of Berkshire Hathaway, one of the world’s most successful investment holding companies.
He will officially hand over the reins at year’s end to his long-time deputy, Greg Abel.
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