| Tue 15 Nov 2011, 14:02 | | MPC - Mr Price Group Limited - Retirement of chairman of the board and |
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MPC
MPC
MPC - Mr Price Group Limited - Retirement of chairman of the board and
appointment of successor
Mr Price Group Limited
Registration number 1933/004418/06
Incorporated in the Republic of South Africa
ISIN: ZAE 000026951
JSE share code: MPC
("Mr Price" or "the company" or "the group")
RETIREMENT OF CHAIRMAN OF THE BOARD AND APPOINTMENT OF SUCCESSOR
Mr Price Group announced today that Executive Chairman Alastair McArthur
would be retiring at the end of the year and that Nigel Payne would
become Independent Non-Executive Chairman. Both changes will be
effective on 1 January 2012.
Honorary Chairman, Stewart Cohen, said that the decision was in keeping
with the recommendations of King III, illustrated good corporate
governance and made practical sense. In terms of the same governance
principles, McArthur would be taking a cooling-off period of at least
one year.
Said McArthur: "I`ve worked closely with CEO, Stuart Bird, for the last
two years in a deliberately planned transition period and it is now time
to give him some space. He has certainly proved himself as CEO and he
now needs the freedom to run his own ship."
Cohen acknowledged the enormous contribution that McArthur has made to
the group and the development of the Mr Price brand over his 20-year
career as MD of the Mr Price Apparel chain and then as CEO and Executive
Chairman of the group.
"Over the past two decades he has provided inspired leadership and a
strong entrepreneurial culture to our business. Under his stewardship,
the group has grown to become one of the leading retailers in South
Africa and Mr Price has become the most loved and frequented apparel and
homewares retailer. As partners and shareholders, we have all
benefitted from his experience, talent and skills".
New Independent Non-Executive Chairman, Payne, is 51 and has been on the
Mr Price board for four years. He is presently Chairman of the Risk and
Sustainability Committee and also sits on the Audit and
Remuneration/Nominations committees. He is a director of the JSE,
Bidvest and Strate and is Chairman of Bidvest Bank. He is a member of
the King Committee on Corporate Governance, is a CA(SA)and has an MBL.
Said Cohen: "As continuity has always been central to our succession
planning, Bobby Johnston will remain as Lead Independent Director, while
Nigel will continue to chair the Risk Committee, an area of acknowledged
expertise. In the time that Nigel has been with us he has displayed an
intense interest in the business and has developed a good understanding
of our culture and business model. The board is confident that with his
analytical skills and detailed knowledge of the company, Nigel is
uniquely positioned to fill the role."
Cohen said that he and co-founder of Mr Price, Laurie Chiappini, would
continue to serve on the board as Honorary Chairmen and that they both
remained fully committed to the future success of the company.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 15/11/2011 14:02:01 Produced by the JSE SENS Department.
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