Group Five announces CEO designate to take over from Mike Lomas in April 2007

Group Five announces CEO designate to take over from Mike Lomas in April 2007   
Group Five Limited                                                              
     (Incorporated in the Republic of South Africa)                             
(Registration number 1969/000032/06)                                       
     Share code: GRF & ISIN: ZAE000027405                                       
     ("Group Five" or "the company")                                            
GROUP FIVE ANNOUNCES CEO DESIGNATE TO TAKE OVER FROM MIKE LOMAS IN APRIL 2007   
The Group Five board wishes to inform shareholders that the current CEO, Mike   
Lomas, has decided to retire at the end of March 2007, by which time he would   
have completed 30 years" service with the group and ten years as CEO.           
The nominations committee and the Group Five board have undertaken an in-depth  
external executive search and also appraised internal applicants for the        
position of CEO. After serious deliberation, the board has decided to appoint   
Mike Upton as the CEO designate.                                                
Mike Upton, the current managing director of Group Five Engineering Projects and
a Group Five Exco member, joined the group in 2002. Mike is a professional      
engineer with a BSc Engineering degree from the University of Cape Town. He has 
more than 20 years" experience in the engineering industry.                     
Engineering Projects will continue to report to Mike Upton until he assumes the 
CEO position on 1 April 2007. Over the next seven months, he will work closely  
with Mike Lomas and the Group Five Exco and management team to ensure a smooth  
transition.                                                                     
It has been agreed with the board that subsequent to his retirement, Mike Lomas 
will be available to assist with the further transition until the end of June   
2007.                                                                           
The board would like to thank Lomas for his unwavering commitment to the        
development and growth of Group Five. His drive and energy resulted in taking   
the business to where it is today. Group Five is well positioned for growth and 
the board has every confidence in Mike Upton and the team to lead the group to  
new heights.                                                                    
- ENDS-                                                                         
10 August 2006                                                                  
Date: 10/08/2006 08:57:10 AM Supplied by www.sharenet.co.za                     
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