| Mon 20 Jun 2011, 14:45 | | MSM - Massmart Holdings Limited - Changes to Massmart`s board |
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MSM
MSM
MSM - Massmart Holdings Limited - Changes to Massmart`s board
Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1940/014066/06)
Share code: MSM
ISIN: ZAE000152617
("Massmart" or "the Company")
Changes to Massmart`s Board
Introduction
The circular to Massmart shareholders, issued on 9 December 2010, (giving
details of the proposed acquisition by Wal-Mart Stores, Inc ("Walmart") of a
controlling interest in Massmart) mentioned that, once finalised, the
transaction would result in the Massmart board of directors ("the Board") being
reduced from thirteen to nine members, comprising four independent non-executive
directors, three non-executive directors and two executive directors.
The following Board changes are effective from 20 June 2011.
Resignation of Independent Non-Executive Directors
Messrs Dods Brand, Kuseni Dlamini, Jim Hodkinson, Nigel Matthews and Peter Maw,
and Ms Dawn Mokhobo have resigned from the Board.
The average tenure of these directors is almost ten years, and their
contribution to the evolution, growth, performance and governance of Massmart
over a definitive decade could be no better acknowledged than by Walmart
selecting the Company for its entry to Africa.
On behalf of all stakeholders, we thank them for their service and diligence as
directors and as members of board sub-committees, and wish them well in their
future endeavours.
Appointment of Non-Executive Directors
Walmart has nominated Messrs Doug McMillon (President and CEO Walmart
International), JP Suarez (Senior Vice President - International Business
Development), and Jeffrey Davis (Senior Vice President - Finance & Treasury) to
the Board, which nominees the Board has accepted for appointment.
We welcome these new directors to the Board and look forward to them enhancing
the strategic, operational and financial performance of Massmart as it enters a
new phase of development under the control of Walmart.
Board Composition
The Board membership now will comprise:
Mr Mark Lamberti - Independent non-executive (Chairman)
Mr Grant Pattison - Chief executive officer
Mr Jeffrey Davis - Non-executive
Dr Lulu Gwagwa - Independent non-executive
Mr Guy Hayward - Chief financial officer
Ms Phumzile Langeni - Independent non-executive
Mr Doug McMillon - Non-executive
Mr Chris Seabrooke - Independent non-executive (Deputy Chairman)
Mr JP Suarez - Non-executive
Changes to the composition of the Board sub-committees will be finalised at the
first meeting of the new Board later this month, and will be in keeping with
good corporate governance practice.
Johannesburg
20 June 2011
Sponsor: Deutsche Securities (SA) (Proprietary) Ltd
Date: 20/06/2011 14:45:00 Produced by the JSE SENS Department.
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