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Changes to the Board and Appointment of a New CEO
Insimbi Refractory and Alloy Supplies Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2002/029821/06)
Share code: ISB
ISIN: ZAE000116828
(“Insimbi” or “the Company” or “Group”)
CHANGES TO THE BOARD AND APPOINTMENT OF A NEW CEO
In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited (“the Listings
Requirements”), shareholders are notified that the board of directors of Insimbi (“the Board”) has
reviewed its structure and composition in light of the substantial changes to the Company over the past
year.
Mr Pieter Schutte, the Chief Executive Officer (“CEO”) of Insimbi has advised the Board of his retirement
effective 30 November 2017. During his remaining tenure to 30 November, Pieter will be focusing on the
consolidation of Insimbi’s position as a leading refractory supplier and will be involved in the recruitment,
induction and mentorship of skilled technical people to ensure that the refractory segment of the
Company continues to be a leader in its field in the future. Pieter has agreed to provide consulting
services as and when required beyond his official retirement on 30 November 2017.
The Board is pleased to announce the appointment of Mr Fred Botha as CEO of Insimbi effective 1 June
2017. Pieter and Fred have worked closely together over the 9 years since the IPO in March 2008 and
the transition is expected to be seamless.
Fred is a Chartered Accountant and joined Insimbi in 2002 as Group Commercial Director and assumed
the role of Financial Director in 2014. He has 15 years’ tenure with the Group and has been instrumental
in the expansionary strategy including the IPO in 2008 and was more recently the driving force behind the
conclusion of the acquisition of the Amalgamated Metals group of companies in 2016.
The Board has also considered the need to balance the number of executive, non-executive and
independent non-executive directors in line with King III and King IV Reports (“the King requirements”)
and the Listings Requirements. Mr Colin Botha, Mr Eddie Liechti and Mr Pieter Schutte have agreed to
resign as executive directors of Insimbi with effect from 31 May 2017 to facilitate a board restructure in
line with King requirements and corporate governance best practice. This will have no impact on their
operational roles in the Company or their directorships at subsidiary company level and they will continue
to provide their valuable support to the Group.
Furthermore, following a review of the composition of the Board, the appointment of Mr Brian Craig as
Chairperson (rather than Interim Chairperson) with effect from 22 May 2017, has been confirmed.
The Board will officially thank Pieter for his service and contribution to Insimbi on his official retirement in
November 2017.
Johannesburg
23 May 2017
Sponsor: Bridge Capital Advisors Proprietary Limited
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