November 4, 2016 / 4:55 PM / 3 years ago

UPDATE 1-CEO of South Africa's Sun International to step down in April

(Adds details, quotes)

JOHANNESBURG, Nov 4 (Reuters) - The chief executive of Sun International is to step down at the end of April, the company said on Friday, ending his more than five years at the helm of the hotels and casinos operator he helped expand deeper into Latin America.

Graeme Stephens will be replaced by the company’s chief financial officer (CFO) Anthony Leeming, a 17-year veteran of the South African company, at the beginning of May next year.

The appointment of a new CFO will be announced in due course, the company said in a statement.

“The Board would like to thank Mr Stephens for his significant contribution to repositioning the Group and wishes him well as he moves on to take up his next challenge,” said the company.

Under Stephens, an accountant, Sun International expanded in Latin America by merging with Chile’s Dreams SA to create the largest gaming player in the region.

His successor, Leeming, will join a company that continues to expand in the region, with plans to expand into Peru and Brazil to offset weak growth at home and increase revenue.

“The Board believes that the current strategy remains relevant and the short to medium term focus is on bedding down some of the large initiatives that have been undertaken,” the company said. (Reporting by Nqobile Dludla; Editing by Greg Mahlich and Elaine Hardcastle)

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