To view the PDF file, sign up for a MySharenet subscription.

THE FOSCHINI GROUP LIMITED - Board changes and management succession

Release Date: 12/03/2018 16:00
Code(s): TFG TFGP     PDF:  
Wrap Text
Board changes and management succession

Reg. No.: 1937/009504/06
Code : TFG – TFGP
ISIN : ZAE000148466 – ZAE000148516
(“TFG”, the “Company” or the “Group”)

Board changes and management succession

In compliance with paragraph 3.59 of the JSE Listings Requirements, TFG
announces the following changes to its Board:

   -   Doug Murray will retire as CEO of the Group, effective 3 September
       2018 at the Company’s AGM, and will become a non-executive director
       on that date.
   -   Anthony Thunström, currently the CFO of the Group, now becomes CEO
       Designate to ensure a smooth handover and will officially assume the
       position of CEO of the Group on Doug’s retirement at the AGM.
   -   A process to recruit a CFO will commence with immediate effect.

Commenting on the changes, Michael Lewis, chairman of TFG said:

“Over the past eleven years, Doug has continuously delivered returns to
shareholders and responsibly grown TFG to what it is today. He has a
people-orientated, results-driven approach which has made him an invaluable
leader. On behalf of the Group, the Board and over 26 700 employees, we
want to thank Doug for his contributions and we look forward to continuing
the legacy of success with him as he applies his immeasurable retail
expertise in his new role as Non-Executive Director on our Board.”

Doug Murray, CEO said:

“Retention and succession has always been a focus at TFG and strong
succession planning has resulted in my successor being selected from within
the Group. I will continue to work with Anthony for the next six months and
will be available as a sounding board thereafter. I’m confident that the
strong executive leadership team I’m leaving in place will continue to
optimise ongoing value for shareholders while creating an environment
beneficial for all stakeholders and assist in achieving the company’s
current and future business objectives.”

Cape Town
12 March 2018


UBS South Africa Proprietary Limited

Date: 12/03/2018 04:00:00 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