| Thu 15 Nov 2001, 0:00 | | Pepkor Ltd / Tradehold - Wiese Makes Far-reaching |
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Pepkor Ltd
(Reg no. 1965/007765/06)
Share code : PEP
ISIN Code : ZAE000005344
Tradehold
(Reg no. 1970/009054/06)
Share code : TDH
ISIN Code : ZAE000026902
WIESE MAKES FAR-REACHING CHANGES
Dr Christo Wiese, the controlling shareholder of both Pepkor and Tradehold,
has announced far-reaching changes in the top management of both these
companies.
Carel Stassen, managing director of Pepkor, has been appointed executive
vice-chairman of Brown & Jackson, the listed British retail group of which
Tradehold owns 69%. The appointment is with immediate effect. Brown &
Jackson, with an annual turnover of almost R7 bn operates through four
retail chains with over 740 stores in the UK and Poland.
Stassen replaces Johan Visser, whose contract with the company is shortly to
expire. Wiese said under Visser's leadership Brown & Jackson grew strongly,
although operating profit came under pressure during the financial year to
30 June.
"His knowledge and experience are, however, being retained in the group. He
is taking on operational responsibility for Poundstretcher, the biggest
business component of Brown & Jackson, as well as for Your More Store, one
of the smaller subsidiaries, for at least the next 12 months. He also
remains a director of the boards on which he presently serves."
Daan Venter, managing director of Ackermans, has been appointed managing
director of subsidiary, What Everyone Wants, also with immediate effect.
With a market positioning very similar to that of Ackermans in South Africa,
What Everyone Wants has been performing poorly of late and the intention is
for him to return this business to profitability, as he succeeded in doing
with Ackermans.
The position of managing director of both Pepkor and Ackermans will be
filled by Pieter Erasmus (36), an executive director of Pep Stores where he
was responsible not only for finances but also information systems, clothing
factories and all its operations outside South Africa.
Wiese said the appointments of Stassen and Venter would greatly strengthen
Brown & Jackson's management team, allowing it to achieve its full
potential.
"Stassen is widely accepted as one of the leading figures in the South
African clothing retail trade and has extensive knowledge of the
international industry. He has already turned around several loss-making
companies, returning them to sustainable profitability.
"Venter in turn is a seasoned retailer with a sound grasp of the value-
driven clothing middle markets. Working closely with Stassen, he took
Ackermans from an operating loss to an operating profit of R64m and a return
on capital comparable with the best in the local retail industry within just
three years."
Stassen said Erasmus had been working closely with him on strategic aspects
of Pepkor's business for some time. At Ackermans Erasmus will be assisted
by deputy managing directors Michael Bartens and Trevor Gerhardi, and at Pep
by managing director Andre Labuschaigne. Stassen and Venter remain on the
board of Pepkor while Stassen will also join the board of Tradehold.
Ends
ISSUED BY De Kock & Kerkhoff Communication Consultants
ON BEHALF OF Pepkor and Tradehold
DATE ISSUED Thursday, 15 November 2001
ENQUIRIES Ben de Kock, DeK&K 021 424 5280
Tiekie du Toit, financial director, Pepkor 021 933 5137
