ALLIED ELECTRONICS CORPORATION LIMITED - Change in Chief Executive and Board responsibility

Release Date: 07/03/2017 17:00
Code(s): AEL AEN
Wrap Text
Change in Chief Executive and Board responsibility

Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: AEL      ISIN: ZAE000191342
Share code: AEN      ISIN: ZAE000191359
(“Altron” or “the company”)


In accordance with Section 3.59 of the JSE Listings Requirements and in line with Altron’s publicly
announced strategy to move from a family controlled and managed business to an independent
management structure, the Altron Board is pleased to announce to shareholders the appointment of
Mr Mteto Nyati as Altron Chief Executive from latest 1 July 2017. Mr Nyati has served as Chief
Executive Officer of MTN South Africa since July 2015 and previously held executive positions at
IBM and Microsoft South Africa.          Mr Nyati holds a BSc in Mechanical Engineering from the
University of KwaZulu-Natal.

Shareholders are further advised that after 27 years with the Altron group and 16 years as Chief
Executive, Mr Robbie Venter will step down as Altron Chief Executive in due course. Mr Venter will
remain on the Altron Board as a non-executive director to continue to provide his wealth of
knowledge and experience to the company.

The Altron Board would like to take this opportunity to thank Mr Venter for the positive contribution
he has made to Altron over the past 27 years and welcomes Mr Nyati in the role of Altron Chief

7 March 2017

Investec Bank Limited

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