| Fri 6 Jun 2008, 10:18 | | APK - Astrapak Limited - Changes to the board of directors |
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APK
APK
APK - Astrapak Limited - Changes to the board of directors
Astrapak Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1995/009169/06)
Share Code: APK
ISIN: ZAE000096962
("Astrapak" or "the Company" or "the group")
CHANGES TO THE BOARD OF DIRECTORS
RETIREMENT OF CHIEF EXECUTIVE OFFICER
Astrapak announces that, in line with the group`s retirement policy, Mr Ray
Crewe-Brown, the Chief Executive Officer (`CEO`), advised the company of his
intention to retire in June 2008 and, as a consequence, will resign as a
director of the Company. Mr Crewe-Brown will continue to consult to the group
for the next twelve months, during which time he will hand over to the new CEO.
The Board wishes to acknowledge the significant contribution Mr Crewe-Brown has
made to Astrapak over the past 11 years since the group was founded. The Board
wishes to thank Mr Crewe-Brown for his hard work and dedication and wishes him
well for the future.
APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER
Astrapak is pleased to announce the appointment of Mr Marco Baglione, currently
divisional chief executive of the Rigids division, as the group`s new CEO. Mr
Baglione has been with the group for 11 years. He brings more than 24 years`
experience in the plastics packaging industry to his new role. The sound
performance of the Rigids division since inception under Mr Baglione`s
leadership, particularly in the recent difficult market conditions, is testament
to his ability to successfully manage a plastics packaging business through
challenging times.
Despite the negative effects of high polymer prices and softening consumer
demand, Astrapak is well positioned for growth when these factors normalise. The
Board has every confidence in Mr Baglione and the management team to lead the
group to new heights.
Mr Baglione`s current position will be filled by Mr Keith Watkins, who currently
oversees the PET business unit within the Rigids division. Astrapak wishes both
Mr Baglione and Mr Watkins well in their new positions.
Sandton
6 June 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 06/06/2008 10:18:40 Produced by the JSE SENS Department.
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