| Mon 1 Sep 2008, 9:35 | | MPC - Mr Price Group Limited - New Appointments at Mr Price - Press Release |
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MPC
MPC
MPC - Mr Price Group Limited - New Appointments at Mr Price - Press Release
Mr Price Group Limited
Registration number 1933/004418/06
Incorporated in the Republic of South Africa
ISIN: ZAE000026951
JSE share code: MPC
("Mr Price" or "the company" or "the Mr Price Group")
New Appointments at Mr Price - Press Release
The Mr Price Group today announced changes to the board of directors which would
take effect immediately.
"We are very pleased to welcome Stuart Bird, Maud Motanyane, Sonja Sebotsa and
Moses Tembe to the board" said Joint Chairman Stewart Cohen. "Each of them
brings special skills to the board that will complement our current structure."
Stuart Bird has been the Managing Director of the Mr Price apparel chain for the
past seven years. After starting his career as a chartered accountant, he joined
the group 15 years ago as a divisional financial director.
Roger Jardine has resigned from the board to focus on his new appointment as CEO
of Aveng Limited and the board expressed its appreciation for the excellent
contribution he had made.
Maud Motanyane was the founding editor of Tribute magazine and has extensive
experience in television and advertising both locally and internationally. Sonja
Sebotsa is a founding partner of Identity Partners and previously spent several
years as an executive director of WDB Investment Holdings, and in the corporate
finance team at Deutsche Bank where she was appointed a Vice President. Both
Maud and Sonja have considerable experience in business, the empowerment of
black women in South Africa and as board members of major public companies.
Moses Tembe is an entrepreneur and director of several leading companies. He is
President of the Durban Chamber of Commerce and Industry. He was previously an
executive with the KwaZulu Finance Corporation and Secretary General of NAFCOC
in KZN.
The group also announced that Alastair McArthur, would be appointed Deputy
Chairman of the value retailing group while retaining his role as CEO.
"Alastair has been CEO since 1997 and while he will continue in this capacity,
his task is to prepare for his succession at the appropriate time," said Joint
Chairman Laurie Chiappini.
The group stated that Alastair`s appointment as deputy chairman was part of the
ongoing succession plan. It is anticipated that when Stewart Cohen and Laurie
Chiappini, currently Joint Chairmen, retire, Alastair will succeed them as
Chairman. Commenting on their future plans Chiappini said:
"At this stage Stewart and I are both 63 and we continue to enjoy our
involvement in the company with which we have been closely associated for 23
years. We still have significant stakes in the business and our intention is to
retain our investment in the group and remain on the board as directors as long
as we can make a contribution. However we do not want this young, vibrant
business to grow old with us and the current succession plan will ensure an
orderly change of leadership over the next few years. We are particularly
pleased that Alastair sees himself as part of the long-term future of our group
as it has always been our wish that the future Chairman also be a retailer."
Durban
1 September 2008
Sponsor
RAND MERCHANT BANK(A division of Firstrand Bank Limited)
Date: 01/09/2008 09:35:01 Produced by the JSE SENS Department.
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