| Thu 7 Oct 2010, 16:03 | | ATR - Africa Cellular Towers Limited - Changes to the board |
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ATR
ATR
ATR - Africa Cellular Towers Limited - Changes to the board
AFRICA CELLULAR TOWERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/027374/06)
JSE code: ATR
ISIN: ZAE000088084
("ACTOWERS" or "the Group")
CHANGES TO THE BOARD
In terms of the Listings Requirements of the JSE Limited ("JSE"), the Board of
Directors of ACTOWERS is pleased to announce the appointment of Jacques de
Villiers as the Chief Executive Officer ("CEO") of the Group with effect from
Friday, 1 October 2010.
Chris Kruger, current Executive Chairman and CEO, said, "The Board is pleased to
make this announcement as we are now closer to complying with King III and
starting to implement our succession plan. Jacques has been with the Group since
listing and with his skills and business acumen, I believe that he is the right
person to take ACTOWERS forward with the support of the strong and restructured
management team of the Group."
Chris Kruger is stepping down from the daily responsibility of running the Group
due to health reasons and to downscale his workload, but his vast expertise will
remain available to ACTOWERS in the role of Executive Chairman, a role he will
assume from Friday 1 October 2010 until such time that an Independent Non-
Executive Chairman is appointed by the Board. Once the appointment is made,
Chris will remain on the Board as a Non-Executive Director.
Jacques was appointed Financial Director of ACTOWERS on 6 October 2006 and has
retained this position ever since. He is a qualified Chartered Accountant who
also has vast experience in the telecommunications industry, having consulted to
Telkom for four years and was involved in the financial planning and modeling of
the underwater communication cable that runs from Portugal to Malaysia via South
Africa. In addition to being Financial Director, more recently he has also been
intimately involved in the strategic management of ACTOWERS, a role he will
extend as CEO.
A candidate for the position of Financial Director is currently being evaluated
and will be announced in due course. Jacques will fulfill the role of CEO and
Financial Director until the appointment of the new Financial Director is
announced. To assist Jacques during this interim period, the Board has appointed
the current Financial Manager, Redik du Toit, as the Interim Chief Financial
Officer of the Group with effect from Friday, 1 October 2010.
The best wishes of the Board of ACTOWERS are extended to Jacques in his new role
as CEO and in ensuring that ACTOWERS remains the preferred supplier and full
turnkey solutions provider in Africa for the telecommunications and power lines
industries.
Tulisa Park
7 October 2010
Designated Adviser
Vunani Corporate Finance
Date: 07/10/2010 16:03:01 Produced by the JSE SENS Department.
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