| Tue 2 Apr 2002, 0:00 | | Prism Board Changes Announced |
|
Prism Holdings Limited
CODE: PIM
REGISTRATION NUMBER: 1998/018949/06
ISIN: ZAE000022257
In significant changes announced in Johannesburg today, secure electronic
payments company Prism Holdings Limited named its newly constituted board of
directors.
Nigel Matthews, who currently holds non-executive directorships at City
Lodge Hotels Ltd., Kersaf Investments Ltd. and Massmart Holdings Ltd,
assumes the key position of Prism's non-executive chairman with immediate
effect.
This appointment recognises the need and value of separating the roles of
chairman and CEO, and will significantly assist the group's adherence to the
more onerous governance issues that will become normal corporate practice
with King II.
Jan Hnizdo, previously of I-Fusion Holdings Limited, will join the group on
May 1 as CFO.
"Jan has the experience, maturity and entrepreneurial expertise to build the
sort of financial department and systems that are appropriate for a company
at our stage of development," says Alvin Els, CEO.
The board has been further bolstered by the appointment of Leonard Bruhns as
non-executive director. Bruhns represents Archway Venture Capital, is a long
time investor in Prism.
The Prism board now comprises five non-executive members: Nigel Matthews
(non-exec Chairman), Leonard Bruhns, Richard Came, Orlando da Silva, and
Richard Bicker-Caarten.
In addition, the number of executive directors has been reduced from 10 to
four: CEO and co-founder Alvin Els, CTO and co-founder Graham McKay,
Operations Chief and co-founder Mike Serrao, and the new CFO Jan Hnizdo.
"This represents a continuing effort to streamline all company operations,
and follows a staff retrenchment exercise last month which had been
initiated as part of ongoing cost cutting measures," Els explains.
A new Management Committee - comprised mainly of the previous directors who
have stepped down from the new executive board - has also been constituted
to direct the day-to-day running of the company.
Commenting on these changes, CEO Els states: "As we move from an owner-
managed entrepreneurial business to a more mature global software and
licensing business, we are committed to introducing more formal governance,
financial discipline and measured growth. Strong non-executive participation
is key to this commitment."
Matthews says both the board and operational changes at Prism have been
designed to tackle the 'crisis of confidence' concerns expressed by Prism
investors, and the market at large.
"Prism is serious and focussed about shoring up past weaknesses, and these
changes represent an appropriate start," he concludes.
