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CNL - Control Instruments Group Limited - Change in Directorate

Release Date: 14/12/2011 15:44
Code(s): CNL
Wrap Text

CNL - Control Instruments Group Limited - Change in Directorate CONTROL INSTRUMENTS GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1964/003987/06) JSE Share Code: CNL ISIN: ZAE000001665 ("Control Instruments" or "the Group") CHANGE IN DIRECTORATE Shareholders are advised that since the half year the Group has made significant changes to reduce its exposure to the OEM automotive industry. These changes include exiting the offshore operations of Pi Shurlok; a significant restructure of Pi Shurlok`s electronics manufacturing facility in Pietermaritzburg; and the rationalisation of the Johannesburg manufacturing facility. Following this restructuring Control Instruments is primarily focused on the automotive aftermarket in sub-Saharan Africa through its Aftermarket Business, CI Automotive. In addition to reducing the Group`s risk profile, the restructuring releases Group resources and working capital, which will allow it to increase its focus on and investment in CI Automotive. The reduced size of the Group will require a smaller head office, which will be based in Johannesburg. The Board has decided that in addition to changes to the head office structure the roles of Group CEO and Group COO should be combined. The current Group CEO, Richard Friedman, advised the Board that he did not wish to be considered for the combined role. On the recommendation of the Nominations Committee the Board has appointed Sean Rogers, current Group COO, as Group CEO with effect from 1 January 2012. Sean has been responsible for the Group`s South African operations for the past three years. The Board has asked Richard Friedman to remain as an executive director until the Group`s annual general meeting. Richard will leave the employment of the Group on 30 June 2012 and intends to focus on his personal and family business interests of which the Friedman families` investments in Control Instruments will remain an important part. The Board would like to thank Richard for his dedicated and committed service to the Group for over 30 years, with 25 of them as the CEO of Control Instruments as a company listed on the JSE. Cape Town 14 December 2011 Sponsor Investec Bank Limited Date: 14/12/2011 15:44:08 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.

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