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TONGAAT HULETT LIMITED - Changes to the Board

Release Date: 23/05/2014 12:50
Code(s): TON     PDF:  
Wrap Text
Changes to the Board

Tongaat Hulett Limited
(Registration number 1892/000610/06)
Share code: TON
ISIN ZAE000096541

TONGAAT HULETT: Retirement of the Chairman of the Board
and Appointment of Successor

Tongaat Hulett hereby announces that JB Magwaza will
retire as Chairman and Director of Tongaat Hulett at the
conclusion of the Annual General Meeting on 30 July 2014.
The Board is pleased to announce that Bahle Sibisi has
been appointed as Non-executive Chairman with effect from
30 July 2014.

Bahle Sibisi has been on the Board since 2007 and is
presently a member of the Risk, SHE, Social and Ethics
Committee. He is Chief Executive of Sangena Investments,
and Chairman of SABS and Roadcrete Africa. He is a former
deputy Director General of the Department of Trade and
Industry. Bahle attained a Bachelor of Social Science at
the University of Natal. He also holds an MA degree in
Economic    Development   from   Williams    College   in
Massachusetts.

The Board has appointed Jenitha John, who is an
Independent Non-executive Director on the Board and
currently Chairman of the Audit Committee, as Lead
Independent Director as required by the JSE Listings
Requirements and in accordance with the King Code, in
situations where the Chairman of the Board is not
independent. This appointment is also with effect from 30
July 2014.

JB Magwaza joined Tongaat Hulett in 1975, was appointed
to the board in 1994, retired as an executive in 2003 and
became Chairman of the Board in the year 2009.

Said JB Magwaza, “I would like to congratulate Bahle on
his appointment and wish him well in his new role. I have
every confidence that he will provide valuable guidance
and lead the board with diligence”.

Bahle Sibisi said, “As I accept this appointment, I would
like to take this opportunity to thank JB for his
valuable contribution to the company over 39 years of
dedicated service. Tongaat Hulett has benefited from his
inspired leadership and wise counsel. I am looking
forward to serving the company in my new capacity as we
continue to build on the established platform”.
Tongaat Hulett CEO, Peter Staude concluded, “On behalf of
Tongaat Hulett and all its stakeholders, I wish to thank
JB for his sterling contribution to the company and Board
over so many years, and the calmness, strategic acumen
and insight he brought to his leadership role as
Chairman. We are pleased to welcome Bahle Sibisi in his
new role as Chairman and look forward to his wisdom and
support in the coming years”.


Tongaat
23 May 2014

Sponsor
INVESTEC BANK LIMITED

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