Bridgestone flexes muscle at Maxiprest

Maxiprest (South Africa) yesterday announced the resignation of three executive directors, including chief executive Colin Brown. This follows the resignation last month of three non-executive directors, who suggested in a letter released after their resignations that there was a conflict between the board of Maxiprest and its management. They said that executives of Bridgestone SA had conceded during a meeting that they intended “to replace the existing management of the company with Bridgestone SA employees.

” There is conflict between Bridgestone SA and Maxiprest. The future of Maxiprest is now uncertain, but there is speculation that Bridgestone may buy out the remaining shareholders and delist the company. .