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Founder of S.Africa's Cadiz quits as CEO of asset unit

Reuters - UK Focus

JOHANNESBURG, Feb 19 (Reuters) - Frank Cadiz, the founder of the South African financial services firm Cadiz Group and the chief executive of its asset management arm, has resigned after a clash with shareholders, the company said on Thursday.

Cadiz (NasdaqGM: CDZI - news) stood down on Jan. 20 and was replaced by Brian Wootton, who was appointed at the behest of UK-based investment firm Blackstar Group SE, a major Cadiz shareholder, a company spokesman said.

Cadiz Asset Management has 34 billion rand ($2.9 billion) of assets under management, according to its website.

A company source said the firm was undergoing a restructuring that included staff cuts. (Reporting by Ed Cropley, Ed Stoddard and Tiisetso Motsoeneng; Editing by James Macharia)