Changes to The Board of Directors – Retirement of CEO and Appointment of CEO-Designate
Incorporated in the Republic of South Africa
(Registration number: 1955/000558/06)
Share code: ITE ISIN: ZAE000099123
(“Italtile” or “the Group”)
CHANGES TO THE BOARD OF DIRECTORS – RETIREMENT OF THE CHIEF EXECUTIVE
OFFICER (“CEO”) AND APPOINTMENT OF CEO-DESIGNATE
In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the board of directors
of Italtile (“the Board”) hereby notifies its shareholders that Mr Jan Potgieter (“Jan”), CEO of Italtile, will
be retiring with effect from 31 December 2021 and emigrating to Europe. Jan will remain on the Board as
a non-executive director.
Mr Lance Foxcroft (“Lance”), currently CEO of Ceramic Industries (“Ceramic”), a subsidiary of Italtile Ltd,
will be appointed as Jan’s successor with effect from 1 January 2022. He will assume the position of CEO-
designate on 1 July 2021. Lance holds a BSc Eng. (Physical Metallurgy) Cum Laude and a BSc Hons
(Information Technology). He joined Ceramic in 2003 and held a range of senior management positions
in the business prior to his appointment as CEO in 2014.
Lance’s appointment formalises the Group’s succession plan which has been developed over the past five
years. He has worked closely with Jan over the past four years since Italtile acquired Ceramic in 2017,
and the handover period will ensure a seamless transition to a new era for the business.
Mr Tshepo Molefakgotla (“Tshepo”) will succeed Lance as CEO of Ceramic effective 1 July 2021. Tshepo
is currently Chief Operating Officer (“COO”) of Ceramic. Tshepo joined Ceramic in 2004 and was
appointed COO in 2016; prior to that he managed Ceramic’s Vitro and Pegasus tile factories and has
overseen the management of Betta Sanitaryware in his current position as COO. Tshepo holds a B-Tech
(Mechanical Engineering) and a Masters degree in Business Leadership.
The Board thanks Jan for his tremendous contribution to the business over the past eight years, first as
COO from 2014, and subsequently as CEO from 2016. The Board welcomes Jan’s continued involvement
as a non-executive director following his retirement from executive duties.
Chairman of the Board, Gianni Ravazzotti says, “It has been a privilege to work with Jan, and naturally we
are sorry to be announcing his departure. His decision to retire after decades in the extremely demanding
retail sector is understandable and we wish him well. We are delighted that the Group will continue to
benefit from his expertise in his role as a non-executive director.”
“Jan’s numerous achievements during his eight-year tenure have established a solid foundation for the
business to build on under Lance’s leadership. He has inculcated a retail excellence culture which has
underpinned consistent and impressive turnover and profit growth, doubled the store network, and ensured
our brands are market leaders in their segments. A key accomplishment is the depth of talent which now
exists in the organisation and augurs well for the Group’s continued growth into the new era with Lance at
He concludes, “We are confident that Lance is an excellent successor to Jan, as Tshepo is to Lance. On
behalf of the Board, I would like to wish them both success in their new roles.”
Jan comments, “To achieve our goal of being the best retailer of tiles and sanitaryware in Africa, the
Group’s overriding strategy has been to ensure that we control and optimise the shopping experience from
factory gate to our customers’ homes by establishing a powerful retail structure underpinned by a
formidable integrated supply chain. In the first phase, implemented over the past five years, we have built
a strong retail platform by embedding retail expertise and experience in every element of the business.
Our brands are each managed by outstanding retail leaders who are equity shareholders in their individual
business units. Furthermore, our entire model is based on a reward system which drives retail excellence
throughout the business.”
“The Group is now ready to enter the second phase, which is focused on building manufacturing capacity
to meet growing demand for our products both in South Africa and the rest of Africa. The severe disruption
of global supply chains caused by the Covid-19 pandemic (“pandemic”) has endorsed our belief that
having total control of our own supply chain is critical. The Group’s robust performance during the
pandemic is testament to the advantage derived from our integrated manufacturing capability.”
Jan adds, “Having worked closely with Lance since Italtile acquired Ceramic in 2017, I am confident the
business has appointed the best leader to drive the strategy going forward. Not only does he have an
extremely strong track record at Ceramic, but he has been instrumental in supporting the Group’s retail
achievements through an intensified focus on fashion and customer service in the supply chain division.
Lance’s contribution to the Group’s market-leading brand position is evident from the world-class
fashionable eco-sensitive products manufactured at Ceramic.”
Jan concludes, “The Group’s major capital expenditure projects currently underway and into the
foreseeable future are primarily manufacturing and supply chain-based, and accordingly, the time is right
for the leadership to reflect this evolution. As a veteran manufacturer, Lance is well positioned to continue
to create shareholder value in the new Italtile era. With Chief Financial Officer Brandon Wood as Lance’s
right-hand man, our Group is fortunate to have the required calibre of executive directors to take Italtile
to new heights.”
Lance says, “I would like to pay tribute to Jan for his invaluable support and guidance over recent years.
Under his stewardship the business is now poised to move into the next phase of growth, and together
with our strong team and high-performance culture, I am confident we will continue to realise the Group’s
ambitious targets. Our medium to long term strategy affords the Group exciting expansion opportunities
and I look forward to leading the team to capitalise on the potential which exists in our business and the
3 May 2021
Date: 03-05-2021 07:05:00
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