Michael Deighton, former Managing Director of Tongaat Hulett Developments. Picture: Supplied
Moneyweb understands that Michael Deighton, long-time managing director of the group’s land conversion and property division, Tongaat Hulett Developments, resigned last month after more than 19 years with the company. It said at the time that the adjustments relate to the “reassessment of land sales against the revenue recognition criteria defined by International Financial Reporting Standards and the associated profit margins”, a revision to growing cane valuations and a reversal of capitalisation costs related to cane roots, projects, maintenance and inventory.Deighton is the latest senior executive to leave the group.
At the end of March, Tongaat Hulett closed the division’s La Lucia office at 305 Umhlanga Drive and relocated its staff to the group’s head office at Amanzimnyama Hill in Tongaat, some 25km north. In a circular ironically titled “Moving on up” sent out in February, Deighton notified stakeholders of the move to Tongaat.
“Under Mike’s leadership, Tongaat Hulett Developments has been positioned as a premium brand in the KwaZulu-Natal property industry. We wish Mike all the best for the future,” it added.