HOSPITALITY PROPERTY FUND LIMITED - Appointment of new Chief Executive Officer and Financial Director

Release Date: 21/09/2016 08:45
Code(s): HPB HPA
 
Wrap Text
Appointment of new Chief Executive Officer and Financial Director

HOSPITALITY PROPERTY FUND LIMITED 
(Incorporated in the Republic of South Africa) 
(Registration number 2005/014211/06) 
Share code for A shares:  HPA 
ISIN for A shares: ZAE000203022 
Share code of B shares: HPB 
ISIN for B shares: ZAE000203030 
(Approved as a REIT by the JSE) 
(“Hospitality” or “the Company”) 
 
APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER AND FINANCIAL DIRECTOR 
 
As previously announced, Tsogo Sun Holdings Limited (“Tsogo”) will acquire a majority stake in 
Hospitality (“the transaction”).  The transaction became effective on 1 September 2016. 
 
Tsogo has nominated a new Chief Executive Officer (“CEO”) and Financial Director (“FD”) for the 
Company and the Board has approved these nominations. 
 
In?line with the Change of Control clause contained in the CEO’s contract of employment, 
Vincent Joyner’s termination as CEO and a member of the board of Hospitality (“Board”) is announced 
with effect from 31 December 2016. 
 
Keith Randall has been appointed to the position of CEO at Hospitality with effect from 1 January 2017. 
 
Keith holds a B.Sc (Eng) degree, a GDE and an MBA from the University of Cape Town.  Keith has been 
with the Tsogo Group for over 20 years, principally in the development of new hotels and the oversight 
of major hotel refurbishments, in South Africa, Africa and the Middle East.  He is currently the Managing 
Director of Sun 1 Hotels Proprietary Limited, following the acquisition of the Formula 1 Group in South 
Africa from Accor and has been responsible for the refurbishment and repositioning of this hotel chain 
as part of Tsogo Sun. 
 
The Board also appointed Mara de Lima as Financial Director, effective 30 September 2016.  Mara holds 
a CA(SA) and has been the Group Financial Manager of Tsogo Sun Hotels since 2009. 
 
Riaan Erasmus who has been the Acting Financial Director of Hospitality will continue in the role of 
Senior Group Financial & Treasury Manager. 
 
The Board thanks Vincent for his role in the implementation of the transaction and for his tremendous 
contribution and dedication to the Company during what has been an exceptionally challenging period. 
Vincent leaves the Company in a considerably better position than when he joined the Group in 
September 2015 and the Board wishes him every success in the next chapter of his career. 
 
The Board expresses its gratitude to Riaan for his valuable contribution and for fulfilling the role of 
Acting Financial Director since 12 August 2015. 
 
Hospitality welcomes Keith and Mara to the Board. 
 
Johannesburg 
21 September 2016 
 
Sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 

Date: 21/09/2016 08:45:00 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.

Email this JSE Sens Item to a Friend.

Share This Story