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Sharon Wapnick will resign as a director of Nutun Limited and as chairperson of its remuneration and nominations committee with effect from Sept. 30, the Johannesburg-listed company said in a stock exchange notice on Wednesday.
She joined the board on March 11, 2020, and served just over six years. The board thanked her for her contribution and wished her well. No reason was given.
Nutun runs business process outsourcing and credit-lifecycle management, which means it handles work that other companies contract out: customer acquisition and retention, customer service, and debt collection and recovery. It also buys and services non-performing loan portfolios, taking on debts that lenders have written off and attempting to recover them. Its clients are in utilities, financial services, retail, telecommunications and e-commerce, and it operates in South Africa, the United Kingdom, the United States and Australia, employing close to 4,000 people.
The company was called Transaction Capital until March 2025. Under that name it owned SA Taxi, the minibus taxi financing business, and a majority of the used-car retailer WeBuyCars, and it was worth billions of rand. The taxi business collapsed and the group has spent two years dismantling and rebuilding around what remains.
What remains is small. Nutun's market capitalisation is roughly 769 million rand, about $48 million, and the shares traded at 93 cents on Friday morning. They ranged between 85 cents and 2.48 rand over the past year. The company reported revenue of 2.22 billion rand and a net loss of 238 million rand in its most recent full year, and a headline loss of 39.4 cents a share for the twelve months to Sept. 30, 2025.
Wapnick is better known for the family property business. She has chaired Octodec Investments, the Johannesburg-listed real estate investment trust her father Alec Wapnick founded, since September 2011, and sits on the boards of City Property Administration and IPS Investments. The Wapnick family owns roughly 37.7% of Octodec, worth about $108 million, and her brother Jeffrey is its chief executive. She was also a founding director of Dial Direct Insurance.
Her Nutun holding is negligible by comparison. Associates of hers hold 139,000 shares, worth about 129,000 rand at the current price.
Nutun said Suresh Kana, currently lead independent director, takes over as chairperson of the remuneration and nominations committee from Oct. 1. He steps down as chairperson of the social and ethics committee on the same date while remaining a member, and Megandra Naidoo takes that chair. The board has begun searching for an additional independent non-executive director.
The departure comes eight months after a board overhaul that took effect on Jan. 1, which the company said reflected the achievement of its restructuring objectives. Jonathan Jawno, a co-founder, became chairman, and Robert Amoils and Ruben Moggee were appointed joint chief executives of the South African and international businesses.
Investec Bank is Nutun's equity sponsor.
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