To view the PDF file, sign up for a MySharenet subscription.

MPC - Mr Price Group Limited - Retirement of chairman of the board and

Release Date: 15/11/2011 14:02
Code(s): MPC
Wrap Text

MPC - Mr Price Group Limited - Retirement of chairman of the board and appointment of successor Mr Price Group Limited Registration number 1933/004418/06 Incorporated in the Republic of South Africa ISIN: ZAE 000026951 JSE share code: MPC ("Mr Price" or "the company" or "the group") RETIREMENT OF CHAIRMAN OF THE BOARD AND APPOINTMENT OF SUCCESSOR Mr Price Group announced today that Executive Chairman Alastair McArthur would be retiring at the end of the year and that Nigel Payne would become Independent Non-Executive Chairman. Both changes will be effective on 1 January 2012. Honorary Chairman, Stewart Cohen, said that the decision was in keeping with the recommendations of King III, illustrated good corporate governance and made practical sense. In terms of the same governance principles, McArthur would be taking a cooling-off period of at least one year. Said McArthur: "I`ve worked closely with CEO, Stuart Bird, for the last two years in a deliberately planned transition period and it is now time to give him some space. He has certainly proved himself as CEO and he now needs the freedom to run his own ship." Cohen acknowledged the enormous contribution that McArthur has made to the group and the development of the Mr Price brand over his 20-year career as MD of the Mr Price Apparel chain and then as CEO and Executive Chairman of the group. "Over the past two decades he has provided inspired leadership and a strong entrepreneurial culture to our business. Under his stewardship, the group has grown to become one of the leading retailers in South Africa and Mr Price has become the most loved and frequented apparel and homewares retailer. As partners and shareholders, we have all benefitted from his experience, talent and skills". New Independent Non-Executive Chairman, Payne, is 51 and has been on the Mr Price board for four years. He is presently Chairman of the Risk and Sustainability Committee and also sits on the Audit and Remuneration/Nominations committees. He is a director of the JSE, Bidvest and Strate and is Chairman of Bidvest Bank. He is a member of the King Committee on Corporate Governance, is a CA(SA)and has an MBL. Said Cohen: "As continuity has always been central to our succession planning, Bobby Johnston will remain as Lead Independent Director, while Nigel will continue to chair the Risk Committee, an area of acknowledged expertise. In the time that Nigel has been with us he has displayed an intense interest in the business and has developed a good understanding of our culture and business model. The board is confident that with his analytical skills and detailed knowledge of the company, Nigel is uniquely positioned to fill the role." Cohen said that he and co-founder of Mr Price, Laurie Chiappini, would continue to serve on the board as Honorary Chairmen and that they both remained fully committed to the future success of the company. Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 15/11/2011 14:02:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story