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Truworths - Board Changes and YDE merger

Release Date: 20/05/2004 16:44
Code(s): TRU
Wrap Text

Truworths - Board Changes and YDE merger Truworths International Limited (1944/017491/06) ("Truworths" or "the company") Code : TRU ISIN : ZAE000028296 BOARD CHANGES Truworths announces that, at the company"s board meeting held earlier today, changes relating to the roles of certain directors and the composition of the board were unanimously approved to take place with immediate effect. In keeping with current trends in corporate governance, the role of chairman and chief executive officer have been separated and Hilton Saven, an independent non executive director, has been appointed as the company"s non-executive chairman. Mr Saven, a chartered accountant in public practice and the chairman of the association of accounting firms Moores Rowland South Africa, was appointed to the board in February 2003. Michael Mark has agreed to stand down as the company"s executive chairman but will retain the position of chief executive officer, a post he has occupied with considerable success and impact since 1996, during which period the company has shown consistent revenue and earnings growth. Michael Thompson, a former regional executive with Nedbank and chairman of Cape of Good Hope Bank who was appointed to the company"s board in March 2004 as an independent non-executive director, has been appointed to the company"s audit committee and will take over chairmanship of this committee from Mr Saven, who will remain a member in the light of his extensive auditing background and for the purposes of continuity. David Lapin, who has been an independent non-executive director of the company since its listing in 1998, has resigned from the board to devote more time to his US based strategic consultancy, but will from time to time provide professional services to the company.Because its functions have been absorbed by the board and its other committees, the company"s ethics and governance committee, which was chaired by Mr Lapin, has been disbanded. YDE MERGER Truworths announces that all the conditions precedent, including the unconditional approval of the Competition Commission, applicable to the acquisition announced on 7 January 2004 of a controlling interest by the company in the Young Designers Emporium (YDE) fashion chain, had now been met, and the management teams are proceeding with the implementation of the merger and the integration of the YDE business with that of the company. For and on behalf of the board Chris Durham Company Secretary Cape Town 20 May 2004 Date: 20/05/2004 04:44:07 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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