End of an era for owner of Sun City in South Africa
Sun International has announced that its CFO and finance director, Norman Basthdaw, will retire from the group at the end of the year, after 14 years at the group.
Sun International is the owner of Sun City, an iconic luxury resort and entertainment centre in the North West, close to Johannesburg and Pretoria.
The group announced on 20 August that Basthdaw was nearing retirement age and would therefore step back from his role in the company to ensure a smooth transition.
In a note to shareholders, the company said that, “with effect from 1 January 2027, [Basthdaw] has agreed to step down as the CFO and Finance Director of Sun International, as well as other group companies”.
Basthdaw joined Sun International in 2013 as the group’s head of corporate finance and new business development.
Following this, he was appointed to his current CFO and finance director positions in 2017, where Sun International said he played a “pivotal role”.
“His leadership has extended well beyond the finance function, encompassing portfolio optimisation, corporate transactions and the execution of strategic initiatives that have strengthened the group’s resilience, competitiveness and long-term value creation,” it said.
The group also named Basthdaw’s successor, Vannessa Olver, who will start in her new position on 1 January 2027.
Olver is a qualified chartered accountant and has served in several executive positions, including as the CFO of Business Connexion.
She has also worked in senior positions at Standard Bank and Absa and currently serves on the boards of Investec and Quantum Change.
“Vanessa brings more than 25 years of senior finance leadership experience in listed companies with a distinguished career marked by strong commercial impact across banking, technology and financial services,” Sun International said.
While Olver will be starting in her new role at the start of the new year, the company said that Basthdaw would remain with the group to help with the transition.
“he will remain available to the Company until April 2027 and will work closely with Vanessa to effect a smooth transition and continue supporting the board and group as appropriate,” it said.
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