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

ITALTILE LIMITED - Italtile Chief Financial Officer to step down

Release Date: 28/11/2012 08:00
Code(s): ITE     PDF:  
Wrap Text
Italtile Chief Financial Officer to step down

ITALTILE LIMITED
Registration number 1955/000558/06
Incorporated in the Republic of South Africa
Share Code: ITE ISIN: ZAE000099123
(“Italtile” or “the Group” or “the Company”)


ITALTILE CHIEF FINANCIAL OFFICER TO STEP DOWN

The Board of Italtile (“the Board”) announced today that Chief Financial
Officer (“CFO”), Peter Swatton, had resigned his position and would leave
the Group in April 2013.

Gianni Ravazzotti, Chairman of the Board and founder of the Group in
1969, said “Peter has advised the Board of his intention to step down as
CFO at a mutually convenient time to pursue his personal goals. Peter
joined the Group 25 years ago in 1988; he assumed the position of CFO and
was appointed to the Board in 1992. During that period he also served as
Chief Executive Officer for two years. He has made a significant 
contribution to the success of the Group, and I am delighted that we will
retain his expertise as a Non-executive Director.”

Peter Swatton commented, “I am satisfied that I have accomplished what I
set out to do. The Group has established a strong performance record over
many years, and enjoys a well-entrenched market position. In addition,
the recently concluded acquisition of a 20% strategic stake in Ceramic
Industries will position the Group for further growth.”

“After 25 years of service to the Company, I believe it is the right time
to take my leave. I look forward to pursuing new challenges and business
interests. Italtile has always focused on a long-term vision and
strategy and has a vastly experienced Board and management team, and I am
confident that the business will be in excellent hands. I will remain a
committed shareholder of the Group and look forward to seeing the
business continue to go from strength to strength,” said Swatton.

Bryanston
28 November 2012

Sponsor:
KPMG Services (Pty) Ltd

Date: 28/11/2012 08:00:00 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