ALTRON LIMITED - Appointment of an Executive Chairman and a Lead Independent Director of the Altron Board

Appointment of an Executive Chairman and a Lead Independent Director of the Altron Board

ALTRON LIMITED
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share Code: AEL
ISIN: ZAE000191342
(“Altron” or “Altron Group” or the “Company”)

Update: Appointment of an Executive Chairman and a Lead Independent Director of the Altron
Board

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are
referred to the announcement published on SENS on 11 January 2022, announcing the stepping down
of Mr Mteto Nyati as the Company’s Chief Executive, effective 30 June 2022, following a successful
completion of his five-year term with the Altron Group.

Since January 2022, the Altron Board initiated a comprehensive process of conducting an extensive
search and recruitment process to identify Altron’s Executive Officer. Once an appointment has been
made, shareholders will be advised accordingly.

On an interim and acting basis only, the Board is pleased to announce the appointment of
Mr. Stewart van Graan as the Executive Chairman and acting Chief Executive of Altron effective from
1 July 2022 until 30 September 2022. The Board has assessed the suitability and capacity of
Mr. van Graan, the Board’s current Chairman, and in order to ensure continuity of the business
operations and ensure business-as-usual, the appointment of the Chairman as the acting Chief
Executive will ensure a seamless transition of the outgoing Chief Executive, Mr. Nyati.

In terms of King IV, Dr Phumla Mnganga will act as the Lead Independent Director from 1 July 2022
until 30 September 2022. Dr Mnganga is currently an Independent non-executive Director of the Board
and has been appointed as the Lead Independent Non-Executive Director of the Altron Board with effect
from 1 July 2022. The Lead Independent Director performs specific duties primarily aimed at
strengthening the Chair of the Board of directors in line with the recommendations contained in the King
IV Report on Corporate Governance for South Africa 2016 (King IV). These duties include inter alia
overseeing the evaluation of the Chairman, being a sounding Board for the Chairman, being an avenue
of communication for the other directors on any issues relating to the Chairman, and chairing
discussions and decision making where the Chair has a conflict of interest.

By order of the Board

Johannesburg
19 April 2022


Sponsor
Investec Bank Limited

Date: 19-04-2022 05:15:00
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