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METAIR INVESTMENTS LIMITED - Early retirement of chief executive officer and strengthening of Metair management structure

Release Date: 28/05/2020 13:58
Code(s): MTA     PDF:  
Wrap Text
Early retirement of chief executive officer and strengthening of Metair management structure

Metair Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1948/031013/06)
ISIN: ZAE000090692
Share code: MTA
(“Metair” or the “Company”)


In compliance with paragraph 3.59 of the JSE Limited Listings Requirements, Metair
shareholders (“Shareholders”) are hereby advised that Mr CT Loock has decided to take early
retirement and will accordingly step down as Chief Executive Officer (“CEO”) of Metair, and
Chairman and non-executive director of all local and international Metair subsidiaries and
associated companies with effect from 31 December 2020.

Mr Loock has been the CEO of Metair for close to fifteen years and spearheaded the
development and successful implementation of Metair’s transformation and globalisation strategy.
Under his capable guidance, the Company attained many milestones and established itself as a
leader in the automotive component and energy storage segments of the market.

Metair's Covid-19 response strategy which includes an ambitious recovery plan with growth
opportunities, requires the strengthening of the Metair leadership and management structure.
This timeous announcement of Mr Loock's retirement allows seven months for the Company to
recruit the best replacement CEO. The group structure will be strengthened with the appointment
of a Chief Operating Officer (COO). The recruitments will be conducted by a professional
executive search agency and both internal and external candidates will be considered.
Shareholders will be advised as soon as a new CEO has been appointed.

To ensure a seamless hand over to the new CEO, continuity with the implementation of the
Covid-19 recovery plan and to facilitate the smooth transition of relationships with key customers
and technical partners, the Company and Mr Loock are contemplating an arrangement whereby
Mr Loock would provide consultancy services to the Company following his retirement. The board
of directors of Metair (the “Board”) is of the view that the retention of Mr Loock’s extensive
automotive industry experience and technical expertise for a certain period, will benefit Metair
stakeholders. For the avoidance of doubt, such an arrangement is yet to be agreed formally
between Metair and Mr Loock. Shareholders will be advised should an agreement between the
parties be reached.

The Board would like to sincerely thank Mr Loock for his exemplary leadership and valuable
contribution to the Company over the years and wishes him well in his future endeavours.

28 May 2020

One Capital

Date: 28-05-2020 01:58:00
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