|
CNL
CNL
CNL - Control Instruments Group Limited - Change in Directorate
CONTROL INSTRUMENTS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1964/003987/06)
JSE Share Code: CNL
ISIN: ZAE000001665
("Control Instruments" or "the Group")
CHANGE IN DIRECTORATE
Shareholders are advised that since the half year the Group has made significant
changes to reduce its exposure to the OEM automotive industry. These changes
include exiting the offshore operations of Pi Shurlok; a significant restructure
of Pi Shurlok`s electronics manufacturing facility in Pietermaritzburg; and the
rationalisation of the Johannesburg manufacturing facility.
Following this restructuring Control Instruments is primarily focused on the
automotive aftermarket in sub-Saharan Africa through its Aftermarket Business,
CI Automotive. In addition to reducing the Group`s risk profile, the
restructuring releases Group resources and working capital, which will allow it
to increase its focus on and investment in CI Automotive.
The reduced size of the Group will require a smaller head office, which will be
based in Johannesburg. The Board has decided that in addition to changes to the
head office structure the roles of Group CEO and Group COO should be combined.
The current Group CEO, Richard Friedman, advised the Board that he did not wish
to be considered for the combined role.
On the recommendation of the Nominations Committee the Board has appointed Sean
Rogers, current Group COO, as Group CEO with effect from 1 January 2012. Sean
has been responsible for the Group`s South African operations for the past three
years.
The Board has asked Richard Friedman to remain as an executive director until
the Group`s annual general meeting. Richard will leave the employment of the
Group on 30 June 2012 and intends to focus on his personal and family business
interests of which the Friedman families` investments in Control Instruments
will remain an important part.
The Board would like to thank Richard for his dedicated and committed service to
the Group for over 30 years, with 25 of them as the CEO of Control Instruments
as a company listed on the JSE.
Cape Town
14 December 2011
Sponsor
Investec Bank Limited
Date: 14/12/2011 15:44:08 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
