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ALTRON BOARD RESTRUCTURE
Allied Electronics Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1947/024583/06)
(Share code: ATN) (ISIN: ZAE000029658)
(Share code: ATNP) (ISIN: ZAE000029666)
("Altron")
ALTRON BOARD RESTRUCTURE
The Chairman of Altron, Dr Bill Venter, has announced important changes to the
Altron board of directors with the appointment of two new directors.
The changes, which have come into effect at the start of the group`s new
financial year on 1 March 2003, are in line with Altron`s objective of keeping
abreast of corporate governance guidelines as outlined in the recent King II
report.
The announcement includes the resignation of Gavin Rochussen as a non-executive
director, following his recent appointment as group chief executive officer of a
London-based financial services group.
Lex van Vught has been appointed as an independent non-executive director and
Adv Dali Mpofu has been appointed an executive director of the group with effect
from 1 March 2003. Lex van Vught is currently the chief executive of AECI and,
as previously announced, will become a non-executive director of AECI effective
1 April 2003. Dali Mpofu is the Altron group executive for corporate affairs, a
position he has held for the past two and a half years. Mike Leeming joined the
Altron board as an independent non-executive director last year.
Commenting on the changes, Dr Venter said: "We are pleased to welcome both Lex
and Dali as directors to the Altron board. Along with the appointment of Mike
Leeming last year, we have enhanced the level of non-executive independent
directors on our board. Lex has had more than 30 years` experience in managing
large companies and we are looking forward to his contribution. Dali is one of
our key executives and has proved his loyalty and service to our group and we
are proud to have him as a full member of the board. We regret the loss of Gavin
Rochussen as a board member but we wish him much success with his new
appointment," said Dr Venter.
Following these changes and with effect from 1 March 2003 the Altron board will
be constituted as follows:
Dr Bill Venter Chairman
Robert Venter Chief Executive
Ismail Ayob Non-Executive Director - independent
Myron Berzack Non-Executive Director
Peter Curle Executive Director
Buddy Hawton Non-Executive Director - independent
Mike Leeming Non-Executive Director - independent
Dali Mpofu Executive Director
Diane Radley Executive Director
David Redshaw Executive Director
Dr Harold Serebro Executive Director
Lex van Vught Non-Executive Director - independent
Craig Venter Executive Director
Peter Wilmot Non-Executive Director - independent
Dr Venter said: "The constitution of the board meets the recommendations of King
II with regards to at least an equal number of executive versus non-executive
directors and with a strong representation of non-executive independent
directors. Furthermore, the committees of the board consisting of the Audit,
Nomination, Remuneration and Risk Management are all chaired by independent non-
executive directors. It is likely that one further non-executive independent
director will be added to the board in the short to medium term."
Ends
Issued by: Corporate Communications
The Altron Group
4 Sherborne Road
Parktown
Telephone: 011 6453600
For more information: Dr Bill Venter
Chairman
Contact person: Salom Brown
Group Executive: Corporate Communications
Telephone: 011 6453604
Cell: 082 564 6226
Date: 05/03/2003 03:13:53 PM Supplied by www.sharenet.co.za
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