Bridgestone Firestone Maxiprest Limited - Changes To The Board
Release Date: 11/03/2004 11:00:05 Code(s): BDS
BRIDGESTONE FIRESTONE MAXIPREST LIMITED - CHANGES TO THE BOARD
BRIDGESTONE FIRESTONE MAXIPREST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/006456/06)
Share Code : BDS ISIN : ZAE000027447
("Maxiprest")
CHANGES TO THE BOARD
By mutual agreement between Maxiprest on the one hand and Messrs C E Brown
("Brown"), R D Boulanger ("Boulanger") and P Constantinidis ("Constantinidis"),
the chief executive officer and sales and marketing and retail sales directors
respectively, on the other, have resigned as directors of Maxiprest with
immediate effect. Boulanger and Constantinidis have also resigned their
executive positions with effect from 31 March 2004 but will be available to
Maxiprest until 30 April 2004 to facilitate an orderly handover of their
reponsibilities. Brown will remain an employee of Maxiprest until 30 April 2004.
A process has already been implemented to seek successors to the departing
executives.
No other changes to the senior management of Maxiprest are contemplated save for
the possible promotion of existing employees to vacant positions.
At the request of Maxiprest, Bridgestone South Africa Holdings (Proprietary)
Limited ("Bridgestone") has agreed to release Messrs R Barlow and P Nel from its
employ with effect from 1 April 2004. On that date Mr Nel will be appointed to
the Maxiprest board as sales and marketing director and Mr Barlow who is already
a non-executive director of Maxiprest will be appointed financial director.
Pending the appointment of a new chief executive, an executive committee
comprising Mr T Wada, the chairman of Maxiprest (who will chair the executive
committee), Mr P Nel and Mr R Barlow will be appointed on 1 April 2004 to manage
Maxiprest"s business. Several existing Maxiprest employees will be co-opted to
the executive committee as soon as they have been identified. The executive
committee will report to the board monthly.
Bridgestone which owns 66% of the issued shares in Maxiprest has given the board
of Maxiprest an assurance that Bridgestone fully supports Maxiprest and that it
is Bridgestone"s intention to co-operate fully with the Maxiprest board to
ensure that Maxiprest"s business will operate successfully.
G M Sinclair
Company Secretary
Johannesburg
11 March 2004
Brait Sponsors (Proprietary) Limited
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