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EDCON LIMITED - Changes in Leadership - Edcon Limited

Release Date: 10/02/2014 09:30
Code(s): EDC01     PDF:  
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Changes in Leadership - Edcon Limited

Edcon Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2007/003525/06)
Company code: BIEDC1
ISIN: ZAG000085168
(“Issuer” or “Edcon”)


LEADERSHIP CHANGES AT EDCON

Edcon Holdings Limited and Edcon Limited wish to inform
bondholders of changes to the leadership of the Edcon team.
Chief financial officer

Edcon takes pleasure in announcing the appointment of Toon
Clerckx as Chief financial officer and a member of the Edcon
Holdings and Edcon Limited boards effective 17 February 2014.

Toon holds a Masters degree in applied economics from Antwerp
University and joins Edcon from Boots Health & Beauty
division, a multi-national pharmacy–led health and beauty
retailer, where he served as Chief financial officer. Prior to
this he worked in several senior finance roles in the USA and
Europe   including    Philips,   General   Motors   Acceptance
Corporation (GMAC) Financial Services and Exxon Chemical,
which included significant private equity and financial
services experience. Toon has served on various boards in both
executive and non-executive positions.

As part of a coordinated and planned transition, Mark Bower,
Deputy CEO and Chief financial officer, is retiring having
been with the group for 24 years. Mark joined Edcon as a board
member in 1990. In addition to his significant role in finance
over the years he has also been responsible for various other
portfolios including heading up CNA, the financial services
division, logistics, IT, property and loyalty. Mark has been
an important and integral part of the senior leadership team
of Edcon and he will remain with the company for the next six
months as part of the plan to ensure a smooth handover. The
board would like to express their appreciation and gratitude
for the commitment and invaluable contribution Mark has made
to the business.

Chief executive – Discount division
Edcon is pleased to announce the appointment of Garth Napier
as Chief executive of the Discount division effective
immediately.

Garth obtained an MBA from the Harvard Business School (USA)
and was employed as a manager at McKinsey & Co prior to
joining Edcon in 2008 as a strategic assignment executive. He
was appointed in the Discount division soon after joining and
his responsibilities within the division have included
strategy, marketing and pricing. He has over the last six
years worked intimately as part of the senior management team
within the division and is a natural successor to ensure the
continued success of the division.

Garth replaces Christo Claassen who has resigned. We thank him
for his contribution and wish him well in the future.



“We are excited about the changes we are making in the team.
Toon and Garth bring with them a wealth of experience and
fresh energy which will only strengthen our group.” said
Jurgen Schreiber, chief executive officer.


10 February 2014

Debt Sponsor

Rand Merchant Bank (A division of FirstRand Bank Limited)

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