ADCORP HOLDINGS
Monday, 7 May, 2001
Richard Pike (39) B Comm (Hons), CA(SA), deputy CEO of Adcorp Holdings and
former CEO of the Acumen Group which was acquired by Adcorp last year, has been
appointed CEO of Adcorp. This follows the resignation of Dr Henri Staal, who
leaves to become CEO and shareholder in the Mertech Group, a private company
with multi-million rand investments in property and IT businesses. The
appointment is effective 1 June 2001, pending final ratification by the Board.
Dr Van Zyl Slabbert, chairman of Adcorp, said that Staal left a " young,
dynamic, and strategically focused leadership team in place, enabling us to
deal with his succession in a fluid and effective manner.
"It is a compliment to Adcorp that Dr Staal has been made such an attractive
offer. He leaves us on the best possible terms and we wish him well in his new
career.
"At the same time we have the fullest confidence in Richard Pike and can assure
him of the full support of both the Board and the Executive Committee."
Adcorp Holdings reported turnover up 40,6% to R963,4m and headline earnings per
share up 27,2% to 192c in the year to December 31 2000.
Ends
Issued on behalf of Adcorp Holdings by Viccy Baker: 082-856-0242
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