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MSM - Massmart Holdings Limited - Change in Executive Director`s Role and

Release Date: 08/05/2012 07:41
Code(s): MSM
Wrap Text

MSM - Massmart Holdings Limited - Change in Executive Director`s Role and Appointment of Executive Director Massmart Holdings Limited (Incorporated in the Republic of South Africa) (Registration Number: 1940/014066/06) Share code: MSM ISIN: ZAE000152617 ("Massmart" or "the Company") Change in Executive Director`s Role and Appointment of Executive Director The Massmart Board is pleased to announce the appointment of a new financial director and changes to the roles of the existing executive directors. Guy Hayward, who has been Chief Financial Officer since 2001, will assume the role of Chief Operating Officer reporting to the Chief Executive Officer, and will continue on the Massmart Board. The Group`s operating divisions will report directly to him, as will shared services and employee benefits. Guy joined Massmart in 2000. Ilan Zwarenstein, who has been Group Finance Executive since 2006, will assume the role of Financial Director, and will be appointed to the Board and the Massmart Executive Committee. He will relinquish the role of Company Secretary. Ilan joined Massmart in 2005. Grant Pattison, the Group`s Chief Executive Officer, will focus on Massmart- Walmart`s strategic growth priorities for South Africa and Africa, including the implementation of the Group`s Retail Food strategy. He will remain chairman of the Massmart Executive Committee and of all the Divisional Boards, and retains his other responsibilities including: legal, corporate affairs, internal audit, integration, supplier development, finance, and human capital. Philip Sigsworth will temporarily assume the responsibilities of Company Secretary for Massmart. Philip joined as Group Finance Manager in January 2012. These changes are required to enable greater operational focus on achieving the Group`s ambitious strategic plans, whilst at the same time responding to the additional responsibilities created by the acquisition of a controlling stake in Massmart by Walmart. They are effective from 7 May 2012. Johannesburg 08 May 2012 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 08/05/2012 07:41:01 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.

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