RAC - Racec Group Limited - Change in function of directors
RAC
RAC
RAC - Racec Group Limited - Change in function of directors
RACEC GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/006153/06)
Share code: RAC ISIN: ZAE000105409
("RACEC" or "the group")
CHANGE IN FUNCTION OF DIRECTORS
In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited
("the JSE"), the board of directors of RACEC ("the board") hereby notifies its
shareholders that Mr Charles Harrod will retire as Chief Executive Officer of
RACEC on 31 May 2010 and will be succeeded by Mr Gary Lee Harrod with effect
from 1 June 2010.
Gary has a BSc (Construction Management) and completed the Construction
Management Programme at the University of Stellenbosch`s MBA School. He has been
employed by RACEC since 1998 and was appointed as an executive director in 2002
following his promotion to the position of managing director of RACEC
Electrification (Proprietary) Limited, an operating division of RACEC. He
assumed the position of Chief Operating Officer of RACEC in 2009, taking
responsibility for the management of operations to ensure a smooth succession
ahead of Charles` retirement. The board is confident that Gary will make a
positive contribution to the future growth of the group.
During Charles` 31 year tenure with the group, the last 10 years of which being
as Chief Executive Officer, he was part of a team which completed a successful
management buyout of RACEC in 1988, he was instrumental in RACEC`s listing on
the JSE`s Alternative Exchange in 2007 as well as the successful conclusion of
several acquisitions since listing which have added significant value to RACEC.
During this time the group has also diversified its activities from pure
platelaying into the electrification sector and has broadened its presence
throughout South Africa and Africa.
Charles will continue to serve as a non-executive director of RACEC, consulting
on strategic and operational matters. The board thanks Charles for his
commitment and significant contribution to the growth of the group and wishes
him well in his retirement.
Cape Town
14 May 2010
Designated Adviser
Merchantec Capital
Date: 14/05/2010 15:32:02 Produced by the JSE SENS Department.
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