CEO left red-faced after Rich List typo

Famous Brands claims that an error in the Sunday Times rich list has caused its former CEO, Kevin Hedderwick, “significant distress and embarrassment”.

The listed company is a leading quick-service and casual dining restaurant franchisor, with brands including Wimpy, Mugg & Bean, Tashas, Steers, and Debonairs Pizza in its stable.

Famous Brands pointed to what it claimed was a “serious error” contained in the Business Times’ Rich List, published on 11 December 2016, in which it said it was stated that Hedderwick earned a salary of R45.991 million.

“This figure should in fact be R4.591 million, as reflected in the Group’s Annual Financial Statements published on 19 June 2015.

“This error has caused Mr Hedderwick significant distress and embarrassment and reflects negatively on the remuneration policies and practices of the group,” Famous Brands said.

Hedderwick is currently a strategic advisor for Famous Brands, having retired as chief executive in February.

The company highlighted the potentially damaging impact the typo could have on its reputation and called for the paper to issue an apology and correction.

Read: These are the richest businessmen in South Africa

Latest news

Partner Content

Show comments

Recommended