| Thu 5 Dec 2002, 13:36 | | BRIDGESTONE FIRESTONE MAXIPREST BOARD RESTRUCTURED |
|
BRIDGESTONE FIRESTONE MAXIPREST BOARD RESTRUCTURED
Bridgestone Firestone Maxiprest Limited
JSE Code: BDS
ISIN: ZAE000027447
BRIDGESTONE FIRESTONE MAXIPREST BOARD RESTRUCTURED
JOHANNESBURG - Bridgestone Firestone Maxiprest Limited ("Bridgestone"), listed
in the Automobiles and Parts sector of the JSE Securities Exchange, who recently
announced the appointment of Colin Brown as managing director and CEO, today
announced further restructuring of its board reflecting the group`s increased
focus on sales, marketing, service and distribution.
Finance Director, Gordon Sinclair and Hans Wessels, director: OTR Sales have
resigned from the board to allow the board to be structured in line with the
market and priority focus of its ultimate holding company Bridgestone
Corporation Japan which itself recently underwent a significant board
restructure by reducing its number of directors from 28 to eight. Through this,
Bridgestone has strengthened its decision-making functions and is now able to
respond quicker to opportunities and issues.
In line with King II recommendations, the role of the company secretary has been
recognized as requiring specific expertise and emphasis and to this end Sinclair
will retain the position of company secretary. Sinclair will also continue to
head the group`s accounting and business systems division in both domestic and
foreign markets as he has done since the inception of the group in 1989.
Sinclair`s contribution and role as finance director for the past thirteen years
is greatly appreciated, having directed the group through its initial merger in
1990, when numerous independent operators were merged under the umbrella of
Maxiprest Holdings (Pty) Ltd; through its listing on the JSE Securities Exchange
in 1997; and the subsequent transactions that saw Bridgestone Firestone acquire
a 46% investment in the group in 1999 and a further seven percent in 2000.
Hans Wessels retains his position as managing director of Natyre (Pty) Ltd. , a
wholly owned subsidiary trading as Quality Tyres, the specialist OTR (off-the-
road) division of the group. He has been involved in this specialist sector of
the tyre industry since 1974 and was appointed to the board of Board of
Bridgestone Firestone Maxiprest in 1999 when the group acquired Natyre (Pty) Ltd
from Bridgestone Firestone in a share issue transaction valued at R30 million.
Wessels` expertise will be focused towards the development of the OTR operations
in the domestic market, and with increased development and expansion driving the
group into sub-Saharan Africa, the exploitation of new markets for the group`s
OTR division in this region.
The board has approved, with effect from 4 December 2002, the appointments of
Mike Davison as finance director, Pano Constantinidis as director responsible
for domestic sales, and Shaun Wustmann as non-executive director.
Davison has been an executive director of the group since 1989 and as joint
managing director with Colin Brown since 2000, had responsibility for group
finance and administration since July 2002, prior to which he was general
manager of the Gauteng, Pretoria and Mpumalanga regions.
Wustmann is vice-president sales and marketing of Bridgestone Firestone SA (Pty)
Ltd (BFSA) and as non-executive director will contribute to improved co-
ordination of group sales and operational strategy.
The restructured board now comprises:
EXECUTIVE DIRECTORS
Kevin Yamamoto, chairman; Colin Brown, managing director; Rocky Boulanger, sales
and marketing; Pano Constantinidis, domestic retail sales, and Mike Davison,
Finance.
NON-EXECUTIVE DIRECTORS
Ray Barlow, BFSA; Shunsuke Hashimoto, BFSA; Takashi Wada, BFSA; Shaun Wustmann,
BFSA; and Derek Rabin.
INDEPENDENT NON-EXECUTIVE DIRECTORS
Neill Davies, Ray Hislop
Shareholders are advised that the company`s December year-end results for 2002
will be announced mid-February next year.
Date: 05/12/2002 09:17:34 AM Produced by the JSE SENS Department
