Spectrum Shipping Limited
Registration Number: 1988/018118/06
JSE Code: SUM
ISIN Code: ZAE000037446
NEWS RELEASE
SPECTRUM SHIPPING APPOINTS NEW CEO
DURBAN - Clearing and forwarding intermediary for local importers and exporters,
Spectrum Shipping Ltd, today announced that Mr Glen Gerber has accepted an offer
by the board of directors to join the board as chief executive officer.
Effective from 3 February 2003, Gerber replaces outgoing CEO Tadek Tomaszewski,
who has overseen the listing of the company on the JSE Securities Exchange South
Africa and the subsequent acquisition of CSS Logistics early last year.
Tomaszewski will stay on at the company as a non-executive director.
The 40-year old Gerber, who has completed his BA Honours in Industrial
Psychology at Rhodes University (1984) as well as a Masters in Business
Administration at the University of Pretoria (1990), is well versed in financial
management; strategic marketing; organisational development and human resources,
including labour and commercial law.
According to Tomaszewski, "Spectrum Shipping strives to become a true logistics
solutions provider, concentrating on the movement of goods on a door-to-door
basis. The company requires a dedicated CEO who can diversify the clearing
business into forwarding, further increase operating margins, and build on the
sound earnings record that has been established over the past three years".
After a stint in Corporate Banking at Trust Bank, Gerber joined Investec Bank in
1991 and was later promoted to Regional Head (Northern Transvaal) and divisional
director of Investec Private Bank. After a successful tenure characterised by
the exponential growth of the business, Gerber was then tasked with
repositioning the KwaZulu-Natal Boutique Banking operation of Investec Bank.
Focusing on specialised-structured finance; global fiduciary; tax and investment
advisory services; private equity as well as asset and working capital finance,
assets and earnings of the KwaZulu-Natal operation experienced significant
growth over the five-year period.
"One of the largest ship`s agents servicing the fresh fruit industry in South
Africa, Spectrum Shipping presents an environment where the entrepreneurial
culture is truly committed to leveraging off the opportunities unfolding in our
changing economy. My knowledge, understanding and participation in Black
Economic Empowerment initiatives in the past will benefit Spectrum Shipping as
it aims to position itself as a leader in this era of economic transformation",
Gerber concludes.
END
For more information, please contact:
Glen Gerber
Chief Executive Officer
083-263-4854
David Kelly
Financial Director
SPECTRUM SHIPPING LTD
Tel: (031) 335 3200
Fax: (031) 337 7191
E-mail: david@spectrum-shipping.co.za
Date: 05/02/2003 03:13:42 PM Produced by the JSE SENS Department
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