Massmart - SEPARATION OF THE ROLES OF CHAIRMAN AND
MASSMART HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1940/014066/06)
Share code MSM
ISIN ZAE000029534
("Massmart" or "the Group")
SEPARATION OF THE ROLES OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER
In keeping with its stated intention, and in compliance with the recommendations
of the King 2 Code of Corporate Governance and the newly announced rules of the
Johannesburg Securities Exchange, the Board of Massmart has decided to separate
the roles of Chairman of the Board and Chief Executive Officer, both currently
defined as the responsibility of the Executive Chairman, a position held by Mr.
Mark Lamberti since 1997.
Mr Christopher Seabrooke, an independent non-executive director since 2000 and
currently Deputy Chairman will be appointed non-executive Chairman of the Board
with effect from the 1st July 2003.
Mr Mark Lamberti will remain Chief Executive Officer and will be appointed
Deputy Chairman on the same date.
SENIOR EXECUTIVE CHANGE
Following an initial five-year commitment made in 1998 on the acquisition of
Game by Massmart, Mr. Dan Barrett, currently Deputy Chief Executive, will resign
as an executive on the 31st December 2003 but remain a member of the Board of
Directors.
His executive duties will be assumed by Chief Executive Officer Mr. Mark
Lamberti and other members of the recently enhanced Massmart Executive
Committee.
Mr Barrett"s decision was prompted by the conflict between his desire to remain
resident in Durban, devoting more time to his family and private affairs, and
the increasingly onerous travel schedule demanded by the rapid growth of
Massmart and the Johannesburg location of the Group"s corporate office.
Over the past five years Mr Barrett assumed increasing responsibility for
Massmart"s operations and assisted more generally with the leadership of the
Group. In doing so, he made an important contribution to the direction and
performance of Massmart. Those who worked closely with him benefited from his
experience.
We wish him well in his future endeavours.
Johannesburg
27 May 2003
Date: 27/05/2003 05:15:04 PM Supplied by www.sharenet.co.za
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