PIC appoints additional non-executive directors to strengthen Daybreak Farms' governance capabilities

The Daybreak board announced last week that the Public Investment Corporation (PIC) had appointed four additional non-executive directors with effect from March 21, to the board of the company as it bolsters its corporate governance.

Daybreak Farms, one of the largest integrated poultry producers in South Africa, is wholly owned by the PIC.

In 2022, the PIC overhauled the company’s board in light of reports of multimillion-rand irregularities at the chicken producer. It also appointed new auditors and established a whistle-blowing hotline service provider as part of operationalising an ethics and investigations committee.

The latest announcement comes two weeks after it announced a new C-Suite team to further clean up its reputation in the wake of a corruption scandal.

The board chairperson, Vuyelwa Matsiliza, said she was appreciative of the shareholder’s efforts to bolster their capacity with the appointment of the additional directors; and looked forward to continuing their work of rebuilding Daybreak into a responsible corporate citizen.

“Whilst there are various milestones and strides that Daybreak has achieved, this further signals to the market, the clear intent by both the Shareholder representative and the Board to effectively navigate Daybreak towards its stated ambitions,” Matsiliza said.

The four additional members join: Vuyelwa Matsiliza (Chairperson), Advocate Michelle Odayan (Lead Independent, Deputy Chairperson), Kameshni Naidoo, Michelle Mbaco and Sagaylan Moodliar.

Appointed as non-executive directors to the board of Daybreak are:

• Dr Charlottee Nkuna, a seasoned veterinary specialist with over 22 years’ experience in the Animal Health Industry and Agriculture Sector, with strong commercial executive level experience and Masters in Business Administration from the Gordon Institute of Business Science.
• Bojane Segooa, a CA(SA), entrepreneur and senior academic with experience in business leadership, strategy, financial reporting and lecturing. She is a director, and audit and risk committee member for various companies.
• Esethu Dazana, a CA(SA) with a Masters in Business Administration from the Gordon Institute of Business Science. She has operated in various roles in corporate and development banking. She is currently Group CFO of a large engineering consulting firm. She is a director, and social and ethics, and audit and risk committee member for various companies.
• Kgampi Bapela, a senior dealmaking and development finance professional with more than 20 years’ experience in agriculture, agro-processing, and business restructuring. He holds an MSc from Ghent University as well as a Masters in Business Administration from Milpark Business School.

Daybreak Farms underwent a restructuring process in 2023 led by CEO Richard Manzini.

Under the leadership of Manzini, the goal was to embed Daybreak Farms in the sector and among its peers as a reliable partner, one that delivered quality chicken and food products to its customers across the country.

Manzini said in a statement last month that Daybreak Farms now needed to weather the cash mismatch created by bird flu.

“The next couple of months will prove to be critical, the recovery is indicative of how we have brought our margins back in line with the norm. We are now clear of the support levels needed to move forward,” he said.