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TOURVEST ANNOUNCES
TOURISM INVESTMENT CORPORATION
(Incorporated in the Republic of South Africa)
(Registration number 1996/008144/06
("Tourvest")
Share code: TRT
ISIN: ZAE000012472
1 July 2003
Tourvest announces new Chief Executive Officer
Tourvest today announced that Carol Scott will be assuming the position of Non-
executive Chairman of Tourvest and that Tommy Edmond, currently in merchant
banking, will join the group as Chief Executive Officer, effective from 28 July
2003.
Commenting on the changes, Scott said:
"I am delighted that Tommy will be joining Tourvest. He has an excellent track
record. His experience, together with the skills inherent in the existing
management team, will ensure Tourvest is well placed to grow to the benefit of
our shareholders and staff alike. I very much look forward to working with
him".
In his previous role, Tommy Edmond, a chartered accountant, was responsible for
corporate finance, private equity, specialised finance and asset management.
Prior to this, he held a number of different positions with the Malbak group
over a period of 17 years, including Financial Directors of SA Druggists and
Chief Executive Officer of Healthcare Management Services Limited.
Commenting on his appointment, Edmond said:
"I am very excited to be taking up this opportunity with Tourvest. I was
attracted by the group"s diversity and its potential for growth and I look
forward to working with Tourvest"s exceptionally talented and motivated team".
Bill Lynch, currently Non-executive Chairman of Tourvest, said:
"The changes are commensurate with the further strengthening of the senior
management team to continue delivering on our strategy and to deliver on the
Board"s objective of Increasing the number of non-executive directors, in line
with current corporate governance guidelines".
Lynch will remain a Non-executive Director of Tourvest.
The new appointments bring the total number of directors on Tourvest"s Board to
ten. Of these, five are executive directors, two are non-executive directors
and three are independent non-executive directors.
ENDS
Enquiries:
Tourvest
Carol Scott (011) 325-7040
Notes to Editors:
From 28 July 2003, the Board of Tourvest will be comprised as follows:
Executive Directors
Tommy Edmond Chief Executive Officer
Ian Hay Chief Financial Officer
Eric de Jager Managing Director, Retail Merchandise
Ian Meltzer Managing Director, Inbound Tourism Services
Andre Geldenhuys Managing Director, Outbound Travel Services
Non-executive Directors
Carol Scott (Chairman)
Bill Lynch
Independent Non-executive Directors
Mpho Makwana
Philip Maisel
Vivienne Mennell
Date: 01/07/2003 03:13:10 PM Supplied by www.sharenet.co.za
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