Hubbard, Friedrichsen quit QueensgateOctober 26th, 2011 by Andrew Moth | Categories: hotels, industry, legal, people, tourism
Andrew Hubbard (above) and Holger Friedrichsen have resigned from the board of Queensgate Hotels and Leisure Ltd.
Announced today, the resignation of the men who founded the troubled property and hospitality group with high hopes a few years ago in Cape Town takes effect on October 31.
Daryl Ducasse, a commercial property practitioner with more than 22 years of trading, transaction advisory, finance and banking experience, has been appointed as CEO. He is responsible for overseeing the restructuring of Queensgate and driving the implementation of strategy, transactions and growth.
Kenneth Morison is financial director.
Jack Human will change his role from executive chairman to non- executive chairman.
The Queensgate board thanked Hubbard and Friedrichsen for their service over the
years, on-going support and commitment to Queensgate and facilitating the recent change in direction of the Company.
The new appointees to the board have been made pursuant to the company signing
an asset management agreement, which will involve, inter alia, the refocus and recapitalisation of Queensgate into profitable and cash flow generating activities. Details will be announced by the company later.