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INTERVID LIMITED - CHANGE TO THE BOARD
INTERVID LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/011483/06)
Share code: ITV
ISIN : ZAE000025615
("Intervid" or "the group")
In compliance with rule 3.59 of the JSE Listings Requirements, the following
change to the Board of Intervid Limited is effective today, Monday 1 September
2003.
Press release
1 September 2003
MARK TAYLOR APPOINTED AS PERMANENT INTERVID CHIEF EXECUTIVE OFFICER
Technology company Intervid Limited today, 1 September 2003 announced that
caretaker CEO Mark Taylor has been appointed as the group"s permanent CEO.
Taylor has more than 15 years" experience in management positions at high-level
financial institutions and has had experience in several turnaround operations
for under-performing businesses. Taylor has been a senior executive member of
the VenFin stable since 1994.
Taylor was asked to become Intervid"s caretaker CEO in May 2003 to lead an
independent review of the business operations and strategy following a period of
non-performance. The findings highlighted the need to consolidate the business,
restructure the role of the head office and further refine Intervid"s business
model.
"I am very pleased about my appointment. Working with the Intervid team over the
last few months has proved to me that, while we have had to make some tough
decisions, we have very talented people in our organisation, good products and a
strong client base. This will help us to successfully turn this group around,"
said new Intervid CEO Mark Taylor.
Since Taylor"s appointment, several corrective measures have already been
implemented at the group and top-level appointments made to strengthen the
management team and the board.
"We are delighted that Mark has agreed to join us permanently. In the last few
months he has already started to refocus the group by taking strong action. It
is going to be a long process, but we now have a committed management team and
strengthened skills at a board level to drive this group to sustainability,"
said Intervid Chairman Bill Lambert.
Notes to editors
The findings of the independent review, tabled to the Intervid board in June
2002, have highlighted the need to consolidate the business, restructure the
role of the head office and further refine Intervid"s business model.
The role and composition of Intervid"s head office will be reduced and reporting
structures will be simplified. Greater autonomy will be given to regional
management to ensure the businesses have the necessary flexibility to adapt
business offerings to meet the needs of the different markets they operate in.
However, this will be balanced with strict accountability and clear deliverables
to management teams.
To achieve this, the group will be restructured into two separate businesses:
regional systems integrators, located in major global markets, specialising in
electronic security and business process monitoring such as video surveillance,
access control, monitoring and electronic article surveillance, and
a technology business that specialises in developing integrated solutions for
electronic security and business process monitoring, as well as distributing its
proprietary hardware and software products.
Both businesses have reviewed their strategies and budgets in the short term.
Remuneration within the businesses will also be reviewed to ensure appropriate
incentivisation.
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