| Mon 29 Mar 2010, 14:26 | | PFG - Pioneer Food Group Limited - Pioneer Foods Changes Board Of Directors |
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PFG
PFG
PFG - Pioneer Food Group Limited - Pioneer Foods Changes Board Of Directors
PIONEER FOOD GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1996/017676/06)
JSE share code: PFG
ISIN: ZAE000118279
("Pioneer" or "the Company")
PIONEER FOODS CHANGES BOARD OF DIRECTORS
Remarks made by Pioneer Foods Chairman KK Combi today.
Thank you for attending this press conference today at relatively short notice.
As mentioned before my name is KK Combi and I am the executive chairman of
Thembeka Capital, a black empowerment company that has investments across South
Africa.
We have requested you to attend today because we want to announce a new phase in
Pioneer Foods` history, namely a major restructuring of the Pioneer Foods board.
As reported on SENS earlier today, Pioneer Foods accepted the voluntary
resignation of five non-executive board members and appointed three new non-
executive members including myself.
The Board is thankful to the old board and major Pioneer Foods shareholders for
the faith they have placed in me to lead the new board as chairman. The other
non-executive members of the new board are Dr Iqbal Surve as vice chairman,
Jannie Mouton, George Eksteen, Nohlanhla Mjoli-Mncube, Andile Sangqu, Thys du
Toit and Mohammad Karaan and the executive members remain Andre Hanekom, Leon
Cronje and Tertius Carstens.
The board continues to be well balanced with a mix of business and industry
expertise.
The restructuring brings about a new chapter in Pioneer Foods history. I want to
thank the old Pioneer Foods board for their contribution to Pioneer Foods. Under
their leadership Pioneer Foods grew from a company with a turnover of R4 billion
to the current R16 billion.
Pioneer Foods is proud of its track record of providing the consumer with choice
and quality, often in highly price sensitive markets. The company has played a
major role in introducing competition into the South African market.
I thank the outgoing board for this contribution and their dedication to grow
the company. Without their efforts Pioneer Foods will not be a major player in
the relevant industries it operates in today. I wish them well with their future
endeavours.
Although Pioneer Foods is justly proud of its contribution to broadening
consumer choice in key market segments, ironically its biggest criticism, and
may I say misstep to date, is the fact that it was found to have participated in
anti-competitive activities. I do not, however, want to justify any actions, as
any contravention remains unacceptable and is an offence to the public at large.
I apologise unequivocally on behalf of Pioneer Foods for such behaviour.
I also want to apologise for the fact that a settlement of various matters was
not more successfully pursued earlier which may have settled matters sooner.
It is of little comfort that legal advice made Pioneer Foods resist Competition
authorities in what some might say was an arrogant fashion and created the
impression that Pioneer Foods was obstructive and did not want to cooperate with
Regulators.
Today we turn a page and commit ourselves anew, as board and management, to the
principles of transparent, competitive behaviour and the sustainable growth of
our business for the benefit of all stakeholders.
We will ensure that the culture of our organisation meet these challenges as we
lead by example through our code of professional conduct to which every employee
is accountable. I have the support of the old board members, the new board
members and shareholders in this regard.
The board is cooperating fully with Regulators and is also pursuing a settlement
with the Competition Commission. The old board and management have already
introduced certain training programmes and actions to educate employees and to
prevent any anti-competitive activities. The new board will continue with this
approach and engage all stakeholders to settle the Competition Commission matter
as soon as possible in an amicable fashion in order to allow management to focus
on its business and to move forward in realising the company`s exciting growth
potential.
It is the board`s mission to be a good corporate citizen and to ensure that a
culture of compliance is established through out the company. Any new
contravention of the Competition Act will lead to immediate disciplinary action
against the relevant employee. Past actions will also be evaluated where
applicable.
I will personally engage the Competition Commission authorities to try and
settle the matters amicably, if at all possible, and will ensure that Pioneer
Foods continues to cooperate fully with the Regulators.
No company may act in a way that may be to the detriment of the consumer and I
will ensure mechanisms are in place to prevent any such actions at Pioneer
Foods.
29 March 2010
Enquiries
CapitalVoice
Johannes van Niekerk 082 921 9110
Background notes
Abbreviated CV of Zitulele Luke ("KK") Combi
Executive Chairman: Thembeka Capital Limited
Background
- Born in Retreat but at the height of apartheid, KK and his family were
forcibly removed to the township of Gugulethu in Cape Town where he grew
up. Without warning, they and their household goods were unceremoniously
loaded onto a flat bed truck and dumped in Gugulethu;
- KK`s determined spirit manifested itself early on when his admittedly
autocratic leadership of the school debating team earned him the nickname
"KK" after the flamboyant but autocratic former Zambian president, Kenneth
Kaunda. The name has stuck;
- Tertiary education: Damelin College where he studied Public Relations.
Career History
- KK worked at Old Mutual for one year, where he was awarded Salesman of the
Year;
- He then opened a self service cafe in Gugulethu, which was forced to close
in 1985 due to unrest in the township as delivery trucks couldn`t access
the cafe;
- In 1989 developed the first service station in Guguletu;
- In 1994 developed the R45 million Nyanga Junction Development;
- In 1995 developed a R20 million Ultra City Engen One Stop in King
Williamstown;
- In 1995 started Master Currency with 2 branches and now employ 250 people
with 20 branches nationally;
- In 2006 became the Executive Chairman of Thembeka, swapping his stake in -
Master Currency for a stake in Thembeka.
Non-Executive Directorships
PSG Group;
Iquad Group;
JSE;
Massmart Holdings (plus chairman Sustainability Committee Massmart);
Overberg Agri
Date: 29/03/2010 14:26:01 Produced by the JSE SENS Department.
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