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TONGAAT HULETT LIMITED - Changes to the Board of Tongaat Hulett

Release Date: 23/09/2019 16:30
Code(s): TON     PDF:  
 
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Changes to the Board of Tongaat Hulett

Tongaat Hulett Limited
(Registration number 1892/000610/06)
Share code: TON
ISIN ZAE000096541
(“Tongaat Hulett” or “the Company”)


CHANGES TO THE BOARD OF TONGAAT HULETT

The Tongaat Hulett board of directors (“the Board”) wishes to
announce the following changes to the Board with effect from 30
September 2019, in compliance with JSE Limited Listings
Requirements. The Board has decided to reduce the number of non-
executive directors, as well as revitalise the directorate by
replacing a number of long serving members of its Board. It is
the view of the Board that these changes will take the company
forward in its efforts to expedite both its turnaround plan and
operational objectives, thereby ensuring the long term
sustainability of the organisation. By retaining the members of
the special Restructuring Committee that has been driving the
turnaround plan since February this year, the retention of
institutional knowledge and an orderly transition process are
also ensured.

Directors stepping down with effect from 30 September 2019

Non-Executive Director and Chairman of the Board, Mr Bahle
Sibisi, will step down from his position as Chairman as well as
Director having overseen the orderly transition of the Board,
including the appointment of new directors. Mr Sibisi served
Tongaat Hulett as a non-executive director from 2007;

Independent Non-Executive Director, Ms Rachel Kupara, having
served as Director since 2009 and also as a Member of the Audit
and Compliance Committee;

Non-Executive Director, Ms Thandeka Mgoduso, having served as a
Director since 2010 and also as a member of the Risk, SHE, Social
and Ethics Committee;
Independent Non-Executive Director, Mr Brand Pretorius, having
served as a Director since 2011 and also as Chairman of the
Remuneration Committee and member of the Nomination Committee.
Mr Pretorius reached the Board retirement age of 70 last year
and his tenure was extended, and has now come to an end.

Independent Non-Executive Director, Dr Tomaz Salomão, having
served as Director since 2015.

The Board thanks these Directors for their service and valuable
contribution to Tongaat Hulett over many years, and wishes them
well in their future endeavours.

Ensuring continuity and support for an orderly Board transition

New Chairman of Tongaat Hulett

Independent Non-Executive Director, Mr Louis von Zeuner who
joined the Board in December 2018, will continue as a Director
on the Board, and assume the role of Chairman of the Board with
effect from 1 October 2019.

Ms Fatima Daniels will continue as a Director on the Board and
Chairman of the Audit and Compliance Committee.

Mr Stephen Beesley will continue as a Director on the Board. He
will also become Chairman of the Social and Ethics Committee
with effect from 1 October 2019.

Departing Chairman of the Board, Mr Bahle Sibisi commented:

“Tongaat Hulett appreciates and thanks the outgoing Directors
after a long and dedicated service and commitment to the Company.
May I also commend Louis, who is assuming the role of Chairman
and welcome the incoming directors. We are confident that
together they will bring new insights and their contribution
will strengthen Board oversight, as the Company embarks on a
path of restructuring its business and securing value for its
stakeholders on a sustainable basis.”

Appointment of New Directors with effect from 1 October 2019
To further enhance governance across the Company and to support
the Company through the implementation of its various strategic
initiatives, the following new Directors have been appointed as
Independent Non-Executive Directors on the Board:


  •   Mr Andile Sangqu, a well-known visionary, business and
      thought leader who is currently Executive Head of Anglo
      American South Africa. He has provided leadership and
      strategic guidance such as business financial
      restructuring,financial systems development,
      implementation, strategic planning, and organizational
      transformation in many businesses including at Anglo
      American Platinum, Kumba Iron Ore, Pioneer Foods and Iliad
      Africa;
  •   Ms Linda De Beer, who serves as an independent non-
      executive director on a number of JSE listed boards
      including Aspen Pharmacare Limited, Omnia Limited and
      Momentum Metropolitan Holdings Limited. In addition she
      chairs the Financial Reporting Investigation Panel of the
      JSE and is a member of the King Committee;
  •   Mr Jean Nel, previously CEO of Aquarius Platinum and CEO
      of the platinum division of Sibanye-Stillwater, who
      currently serves as a non-executive director of Mimosa
      Investments Ltd, Northam Platinum Ltd and DRD Gold Ltd. He
      co-owns and manages investments in a number of commercial
      property and hospitality assets and partnerships in South
      Africa,Namibia and the UK,and also serves on the
      investment committee and board of a small focussed
      Specialist Mining Finance Fund.
  •   Mr Robin Goetzsche, an experienced former CEO of multi-
      beverage businesses, with 30 years’ experience in
      SABMiller, initially in commercial roles then transitioning
      into Managing Director of the East African businesses. He
      is also currently a non-executive director of The Beverage
      Company, a number two player in the soft drink sector with
      the recent acquisition of SoftBev.

With their wide range of skills, knowledge, extensive experience
and business acumen, the Board is confident that the incoming
Directors will make a meaningful contribution to the business
going forward and congratulates them on their appointment.

Incoming Chairman of the Board, Mr Louis von Zeuner said:

“The Board gave careful consideration to succession to ensure
continuity and a smooth transition for Tongaat Hulett. I extend
my gratitude and best wishes for the future to all outgoing
Directors. A sincere welcome is extended to all newly appointed
Directors and we look forward to their future contributions”.


Tongaat
23 September 2019

Sponsor
Investec Bank Limited

Date: 23/09/2019 04:30:00
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