IMPERIAL HOLDINGS LIMITED - CEOs Medical Leave, Management Update and Interim Structure

Release Date: 30/07/2018 09:00
Code(s): IPL
 
Wrap Text
CEO’s Medical Leave, Management Update and Interim Structure

Imperial Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1946/021048/06
ISIN: ZAE000067211
Share code: IPL

(”Imperial” or the “Company’ or the “Group”)

CEO’s medical leave, management update and interim structure

Shareholders are advised that Imperial’s Chief Executive Officer
(‘CEO’), Osman Arbee is currently on medical leave. At the end
of June 2018 he underwent surgery. The surgery was successful
but Osman subsequently suffered a minor stroke which has
resulted in his recovery period being longer than previously
anticipated. Osman was discharged from hospital a few weeks ago
and is expected to fully recover. He is expected to be back at
work in January 2019 and continue in his role as CEO of Motus.
During his recovery period, Osman will be available to
management to advise on strategic matters.

In the interim, the proposed unbundling of Motus remains on
track and will continue as previously announced. The management
structures of both Imperial Holdings and Motus, and the current
Motus finance structure are sufficient to provide appropriate
support during Osman’s absence.

Management update and interim structure

Mohammed Akoojee will be appointed acting CEO of Imperial
Holdings, in addition to his role as the Chief Financial Officer
(‘CFO’), until the conclusion of the unbundling. Mohammed, who
joined the Imperial Group in 2009, was appointed Group CFO on 1
March 2017 and previously served as CEO of the Imperial Logistics
African Regions business, and executive director responsible for
mergers, acquisitions, strategy and investor relations for the
Group. On conclusion of the unbundling, he will be appointed as
the CEO Designate of Imperial Logistics.


During Osman’s absence, Ockert Janse van Rensburg will be acting
CEO of Motus in addition to his role as the CFO of Motus. Ockert
has been with the Imperial Group since January 2015, where he
previously served as CFO of the Vehicle Import and Distribution
business prior to being appointed as CFO of Motus in January
2017. Prior to joining Imperial, he was the CFO of Foodcorp
Holdings, a large multinational food manufacturing and
distribution company, for seven years and also held the position
as partner of PricewaterhouseCoopers Inc. Ockert is supported
by a strong management team at Motus, who have combined
experience in the automotive industry in excess of 150 years.
As previously announced, Marius Swanepoel will continue to serve
as the CEO of Imperial Logistics and will undertake the role of
the CEO of Imperial which will be renamed Imperial Logistics on
conclusion of the unbundling. Marius will retire as CEO in June
2019 and will remain as director to 31 December 2019. Mohammed
Akoojee will succeed Marius as CEO with effect from 1 July 2019.

Results

The Group’s annual results for the 12 months ended 30 June
2018 will be presented to the market on 21 August 2018 as
originally scheduled.

Bedfordview
30 July 2018
Sponsor: Merrill Lynch South Africa (Pty) Limited

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