PRESS RELEASE
15 JUNE 2001
Metropolis* Transactive Holdings Limited, the holding company of leading
Internet portal iafrica.com, yesterday announced various changes to its
board of directors with effect 15 June 2001. Jason Xenopolous will step
down as non-executive chairman together with non-executive directors Jens
Montanana, Allan Watson and Dave Lello. Ferdi Gazendam, Primedia's chief
operating officer, will take over as non-executive chairman. Jonathan
Newman, Datatec's marketing director has been appointed as a non-executive
director.
According to CEO Mike Braby, the board needed restructuring following the
closure of the B2B operation in September of last year and the resultant
total focus of management towards iafrica.com. Since then, ongoing
restructuring of the business and the establishment of a financially
disciplined culture have resulted in a significant reduction of operating
losses, while of the development of various value added initiatives will
speed up the path to feasibility.
Braby will complete his contract at the end of June and hand over to
incoming CEO, Sean Hirshowitz. Hirshowitz has been appointed to the Board of
Metropolis*.
For further information contact: Mike Braby CEO
Tel: (011) 506-3062
Fax: (011) 506-3063
Cell: 083-419-9874
Email: Brenda Crown: brendac@metropolis.co.za
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