| Wed 13 Feb 2002, 0:00 | | Kumba Resources Appoints Fani Titi As Non-executiv |
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Kumba Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/011076/06)
("Kumba Resources")
KUMBA RESOURCES APPOINTS FANI TITI AS NON-EXECUTIVE MEMBER OF THE BOARD
Metals and mining company Kumba Resources has announced that Fani Titi,
chief executive of Tiso Capital (Pty) Ltd, is to be appointed to Board of
Kumba Resources ("Kumba Board") as non-executive member of the Board with
effect from 1 March 2002. He will replace Colin Fenton who is retiring from
the Board.
Fenton, the longest serving member on the Iscor/Kumba Boards, announced his
intention to retire at the end of February 2002. His membership of the Iscor
Board dates back to February 1988, when Iscor Limited was still a state-
owned corporation. He was an integral part of the team that directed the
company through its transformation in 1989 to a listed company on the JSE
Securities Exchange.
Fenton initially expressed the wish to retire during 2001, but agreed to
stay on board to assist in steering Kumba Resources through the unbundling
process.
Hans Smith, non-executive chairman of the Kumba Board, expressed his
appreciation for the sterling work Fenton has done through the years. "His
continued solid contribution and total commitment to the interests of Iscor
and Kumba shareholders will be a hard act to follow," Smith said.
The Kumba Board sought to appoint a person of equal stature to replace
Fenton, who could assist in growing the company and its assets. Fani Titi,
through his involvement with Kumba Resources and the Tiso Consortium, a
broad-based empowerment partner to Kumba Resources, was approached and
accepted the invitation to join the Kumba Board. The board is delighted to
welcome a person of Fani's talents and is looking forward to his future
contribution.
Con Fauconnier, chief executive of Kumba Resources, described Fani Titi as a
person of integrity with extensive business experience and great insight
into the dynamics of the South African business environment.
"We believe Fani will make a positive contribution to our company and its
future," he said.
Mr Fani Titi's CV is attached for further information.
Contacts:
Marie Viljoen Pat Mdoda
Company Secretary General Manager Corporate Affairs
Tel: 012 - 307 4384 Tel: 012 - 307 4553
CURRICULUM VITAE: FANI TITI
PERSONAL DETAILS
Surname: Titi
First Name: Fani
Date of Birth: 25 June 1962
Educational Qualifications: B.Sc Hons, Mathematics,
University of Fort Hare.
M.A, Mathematics,
University of California, Berkeley.
M.B.A, Finance Concentration
Wits Business School.
RELATED EXPERIENCE:
Current Board Memberships:
The Bidvest Group Limited
The Armaments Corporation of South Africa Limited (Armscor)
Tiso Capital (Proprietary) Limited - Executive
Previous Board Memberships:
Kagiso Media Limited and Kagiso Trust Investment Company (Proprietary)
Limited - CEO and co-founding executive director respectively
Regent Life Insurance Company
Perskor Limited and Persbel Limited (now part of Caxton Limited)
East Coast Radio (Proprietary) Limited, Radio Oranje (Proprietary) Limited
and Butterworths Publishers (Proprietary) Limited - chairman
African Bank Limited and African Bank Investments Limited - executive
director
Relevant work experience:
Senior operational management and leadership, strategy formulation and
implementation in various industries, including with two JSE-listed
companies (African Bank Investments Limited and Kagiso Media Limited)
Investment and deal making experience, covering private equity (various
acquisitions and disposals for Kagiso Trust Investment Company (Proprietary)
Limited) and listed corporate action (reverse listing of Kagiso Media,
merger of Perskor Limited and Caxton Limited)
Practical experience of working within heavily regulated industries (worked
successfully in acquiring and managing media assets within the requirements
of the Broadcasting Act, regulated by ICASA; and as executive director in
African Bank, which is governed by the Reserve Bank through the Banks Act
and DTI through the Micro-Finance Regulatory Council).
Experience in corporate transformation from a Skills Development Act
perspective and socio-political positioning, gained through empowerment
involvement in different companies.
END
