Wrap Text
Change to the Composition of the Board of Directors
FAMOUS BRANDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1969/004875/06)
Share code: FBR
ISIN code: ZAE000053328
“Famous Brands” or “the Group”
CHANGE TO THE COMPOSITION OF THE BOARD OF DIRECTORS
RETIREMENT OF GROUP CHIEF EXECUTIVE, KEVIN HEDDERWICK;
APPOINTMENT OF NEW GROUP CHIEF EXECUTIVE, DARREN HELE
This announcement is published in accordance with paragraph
3.59 of the JSE Listings Requirements.
The Board wishes to advise that after sixteen years of service
with Famous Brands, Group Chief Executive (CE), Kevin Hedderwick,
has tendered notice of his decision to retire on 29 February 2016.
The Board is furthermore pleased to announce that Kevin has accepted
a position as Strategic Advisor to the Group from 1 March 2016, for
a 12-month period concluding in March 2017.
Kevin’s Strategic Advisory role will include mentoring the new
CE and executive management team as required, pursuing and
evaluating new growth opportunities for the Group, overseeing
execution of new acquisitions, and managing the investor
relations portfolio.
The Board is delighted to announce that Darren Hele, currently
Chief Executive: Food Services, will be appointed Group CE
upon Kevin’s retirement.
The Group has in place a robust executive management succession
programme, and accordingly, the matter of Kevin’s impending
retirement and his successor has been the subject of intensive
consideration over the past year.
Darren Hele joined Famous Brands in 2003. He served as Managing
Director of Wimpy South Africa and later the United Kingdom.
In 2011 he was appointed Chief Operating Officer: Franchising,
and in 2013 assumed the position of Chief Operating Officer for
the Group. With effect from 1 March 2014, Darren was promoted to
Chief Executive Officer: Food Services.
STATEMENT BY CHAIRMAN OF THE BOARD, SANTIE BOTHA:
Kevin’s invaluable contribution to this business is well known
and respected. We are delighted that on his retirement at the
end of February 2016, he has accepted a further 12-month
contract as Strategic Advisor to the business. Thereafter, he
will be invited to join the Board as a Non-executive director.
The Board would like to express its gratitude to Kevin for his
long-standing contribution to the business and looks forward
to his continued involvement in his new capacity.
We are delighted that Darren is in place and well qualified to
succeed Kevin, bringing to his new role extensive experience
in the Group and the industry. With Darren’s appointment, the
Board is satisfied that the planned management transition will
be seamless and will ensure the business is optimally prepared
for the next phase of its growth.
STATEMENT BY PANAGIOTIS HALAMANDARIS, ON BEHALF OF THE
HALAMANDARIS AND HALAMANDRES FOUNDING FAMILIES:
Kevin joined the Group in 2000 as Managing Director of the
Steers brand. In 2001 he was appointed Chief Operating
Officer of the Group, a position he held until his appointment
as Group Chief Executive in 2010.
During his sixteen-year tenure Kevin has overseen the
transformation of the Group from a small, two-brand company
into a vertically integrated business comprising 27 brands
represented by over 2 500 franchised restaurants across South
Africa, the Rest of Africa, the United Kingdom and the Middle
East, underpinned by substantial Manufacturing and Logistics
operations. Under his stewardship the business has delivered
a significant increase in profitability through both organic
and acquisitive growth, and has consistently ensured excellent
returns to shareholders. Since his appointment in 2000, the
Group’s share price has increased from R1.69 per share to
R141.53 per share, equating to a growth in market
capitalisation from R105 million to R14 billion.
As the founding members and largest private shareholders of
Famous Brands, we are proud of the numerous milestones and
impressive track record Kevin has achieved with this business.
We are confident that the strong foundations laid over the
past 16 years will ensure that under Darren’s leadership the
business will continue to flourish. The management team is
assured of our continued commitment and support.
STATEMENT BY KEVIN HEDDERWICK:
It has been a privilege to lead this Group over the past
decade and a half and I am honoured to have had the
opportunity to shape the company into what it is today. I am
satisfied that we have achieved the strategic and operational
ambitions I formulated at the outset of my tenure.
The foundations for the future are firmly in place, including
a strong executive management team, optimally structured
business model and a pipeline of growth opportunities to
continue to meet stakeholder expectations. The business is
perfectly poised to enter its next growth cycle under Darren’s
leadership and I look forward to supporting him in that
regard.
It is fair to say that over the past 16 years of my life this
business has been all-consuming. From March next year, in
conjunction with my role as Strategic Advisor to the Group, I
am also looking forward to exploring the next chapter in my
personal growth story. During my career with Famous Brands, I
derived enormous satisfaction and reward from identifying and
developing entrepreneurial businesses and I hope to pursue
that interest in a range of capacities in the future.
Midrand
1 December 2015
Sponsor:
The Standard Bank of South Africa Limited
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