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KAP INDUSTRIAL HOLDINGS LIMITED - Changes to the Board and Board Committees

Release Date: 18/11/2014 15:40
Code(s): KAP     PDF:  
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Changes to the Board and Board Committees

KAP Industrial Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1978/000181/06
Share code: KAP
ISIN: ZAE 000171963
(“KAP” or “the company”)


CHANGES TO THE BOARD AND BOARD COMMITTEES

In accordance with paragraph 3.59 of the Listings Requirements
of the JSE Limited, shareholders are advised of the following
changes to the board and committees with effect from 18 November
2014:

BOARD RESTRUCTURING / APPOINTMENT OF CEO:
Having successfully overseen the integration in 2012 of the
African industrial businesses of Steinhoff International
Holdings Limited with the company’s businesses and having
managed the subsequent sale of non-core activities within the
KAP group (the “group”), Mr. K J Grové (65) will step down as
chief executive officer but will continue to serve on the board
as executive deputy chairman. Mr. J de V du Toit (60) will
remain as the company’s independent non-executive chairman.

Mr. G N Chaplin (44), chief executive officer of the company’s
integrated timber division, has been appointed to the board and
will replace Mr. Grové as chief executive officer of KAP. Prior
to this appointment, Mr. Chaplin’s duties within the group
included responsibility for the group’s PG Bison Proprietary
Limited operations and oversight of the group’s two largest
manufacturing divisions, Hosaf and Feltex.

Mr. G Victor (48), who has served on the board of PG Bison
Proprietary Limited since 2009 and who has extensive experience
in the timber-based panel industry, will succeed Mr. Chaplin as
chief executive officer of the integrated timber division.

RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr. J B Magwaza (72), who has served on the board of the company
since 2004 as an independent non-executive director, elected not
to stand for re-election to the board at the annual general
meeting held on 18 November 2014 and, in accordance with the
company’s memorandum of incorporation, retires from the board on
this date. The board places on record its appreciation of the
valuable contribution made by Mr. Magwaza towards the affairs of
the group over the 10 years of his service and the best wishes
of the board accompany Mr. Magwaza.

Mr. Magwaza also steps down as chairman of the company’s human
resources and remuneration committee and as a member of the
company’s nomination committee. Mr. S H Müller, independent
non-executive director, has been appointed to replace Mr.
Magwaza in these positions.

Johannesburg
18 November 2014

Sponsor
PSG Capital

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