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ARH - ARB Holdings - Change to the Board and succession

Release Date: 20/04/2012 08:55
Code(s): ARH
Wrap Text

ARH - ARB Holdings - Change to the Board and succession ARB HOLDINGS LIMITED (Registration number: 1986/002975/06) Share code: ARH ISIN: ZAE000109435 ("ARB Holdings" or "the Group") CHANGE TO THE BOARD AND SUCCESSION After 20 years with the Group, the last 15 of which as CEO of ARB Electrical Wholesalers (Pty) Limited ("ARB Electrical"), a major subsidiary of the Group, Craig Robertson has informed the Board of Directors of ARB Holdings ("the Board") of his desire for a change in lifestyle and his need for a new challenge. Accordingly, Craig will step down as CEO of ARB Electrical with effect from 31 December 2012. Craig remains a significant shareholder in ARB. In accordance with our Group Succession Plan, and following the completion of a formal process by the Board to identify a successor, the Board is pleased to announce that Blayne Burke, the current Procurement Director of ARB Electrical, will be appointed as Chief Operating Officer of ARB Electrical with effect from 1 June 2012 with the intention of assuming the role of CEO of ARB Electrical from 1 January 2013. Over the course of the next eight months, Craig will work very closely with Blayne to ensure a well-structured, smooth and efficient handover process. Blayne holds a Bachelor of Commerce degree in Politics, Philosophy and Economics as well as an Honours degree in Financial Analysis and Portfolio Management. During his time at ARB Electrical, Blayne has gained a broad spectrum of experience in most areas of the business including as national credit manager, branch manager of the Gauteng branch, ARB Electrical`s largest operation, and more recently, as Procurement Director. Consistent with good corporate governance and international best practice, Craig will step down as a director of ARB Holdings with effect from 1 July 2012. The Board of ARB Holdings will thereafter comprise two executive directors, the Group Chief Executive Officer and the Group Financial Director, and 5 non- executive directors, 3 of whom are independent. Durban 20 April 2012 Sponsor Grindrod Bank Limited Date: 20/04/2012 08:55:03 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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