| Tue 13 Mar 2001, 0:00 | | Massmart - Notification Of Executive Management De |
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MASSMART HOLDINGS LIMITED
NOTIFICATION OF EXECUTIVE MANAGEMENT DEVELOPMENTS
Following a period of consolidation since the listing of Massmart in July 2000,
the following developments have realigned the executive management of the Group
with its anticipated growth opportunities.
* Executive Chairman, Mark Lamberti 50 (BCom. MBA) has renewed his employment
contract until September 2004. Consistent with this commitment he has
purchased a further 1,027,300 shares at an average price of R9,61 increasing
his shareholding to 5,644,940 shares. His primary leadership responsibilities
will be strategic management, executive development, acquisitions and the
creation and extraction of value through promoting collaboration between
subsidiaries.
* Chief Operating Officer, Dan Barrett 49 (BSc Econ. BCompt Hons. CA (SA)) has
been promoted to the newly created position of Deputy Chief Executive. His
primary leadership responsibility will be the initiation and control of organic
growth, with particular emphasis on Africa. To this end he will assume the
Chairmanship of Massdiscounters, in addition to his existing Chairmanship of
Makro, Shield and CCW.
* Steve Leggatt, 52 (FCA) currently Chief Financial Officer, will relinquish
this post over the next six months, to assume the position of Executive
Director Strategy and Corporate Finance responsible for strategic analysis and
the identification and realisation of growth opportunities, including
acquisitions.
* Guy Hayward, 35 (BCom CTA CA (SA)) currently Group Finance Executive, will be
appointed to the board of Massmart, with a view to assuming the position of
Chief Financial Officer in August 2001, on the finalisation of the companies'
accounts for the year to June 2001.
* Following an 18 month tenure with Massmart, Chief Information Officer, Mark
Huxtable, will return to Affinity Logic, a major IT outsource partner in which
Massmart has a 12,5% interest. As the key contact between the two companies,
Mark will continue to work closely with the executive management of Massmart to
create and implement cost effective information management solutions which
position Massmart at the forefront of retail IT deployment.
* Paul Marsh, Chief Executive of Shield, has resigned following a lengthy
career with Makro and latterly Shield. Ingo Meyer, 36 (BCom ACMA CFA (SA)
MBA), currently financial director of Massdiscounters, has been appointed
Managing Director of Shield.
* The Massmart Board now comprises:
Executive
Mark J. Lamberti Chairman and C.E.O.
Dan Barrett Deputy C.E.O.
Steve Leggatt C.F.O. & Executive Director Strategy and
Corporate Finance
Guy Hayward Executive Director & C.F.O. Designate
Non Executive
Christopher Seabrooke Chairman Sabvest Ltd.
Folkert Schukken Past Chairman SHV Makro
William Kirsh C.E.O. Primedia Ltd.
Michael Rubin Director of Companies
John Newton Finance Director Wooltru Ltd.
* The Executive Committee now comprises
Mark J. Lamberti Chairman
Dan Barrett Deputy C.E.O. Massmart
Steve Leggatt C.F.O., Strategy & Corporate Finance Massmart
Guy Hayward C.F.O. Designate Massmart
Joe Owens C.E.O. Makro
Grant Pattison M.D. Massdiscounters
Robin Wright M.D. CCW
Ingo Meyer M.D. Shield
David Amm Executive Assistant
Unless otherwise stated, the assumption or hand over of responsibilities
arising from these changes will commence immediately with a view to full
implementation by the end of April 2001.
