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Truworths - Board Changes and YDE merger
Truworths International Limited
(1944/017491/06)
(`Truworths` or `the company`)
Code : TRU
ISIN : ZAE000028296
BOARD CHANGES
Truworths announces that, at the company`s board meeting held earlier today,
changes relating to the roles of certain directors and the composition of the
board were unanimously approved to take place with immediate effect.
In keeping with current trends in corporate governance, the role of chairman and
chief executive officer have been separated and Hilton Saven, an independent non
executive director, has been appointed as the company`s non-executive chairman.
Mr Saven, a chartered accountant in public practice and the chairman of the
association of accounting firms Moores Rowland South Africa, was appointed to
the board in February 2003.
Michael Mark has agreed to stand down as the company`s executive chairman but
will retain the position of chief executive officer, a post he has occupied with
considerable success and impact since 1996, during which period the company has
shown consistent revenue and earnings growth.
Michael Thompson, a former regional executive with Nedbank and chairman of Cape
of Good Hope Bank who was appointed to the company`s board in March 2004 as an
independent non-executive director, has been appointed to the company`s audit
committee and will take over chairmanship of this committee from Mr Saven, who
will remain a member in the light of his extensive auditing background and for
the purposes of continuity.
David Lapin, who has been an independent non-executive director of the company
since its listing in 1998, has resigned from the board to devote more time to
his US based strategic consultancy, but will from time to time provide
professional services to the company.Because its functions have been absorbed by
the board and its other committees, the company`s ethics and governance
committee, which was chaired by Mr Lapin, has been disbanded.
YDE MERGER
Truworths announces that all the conditions precedent, including the
unconditional approval of the Competition Commission, applicable to the
acquisition announced on 7 January 2004 of a controlling interest by the company
in the Young Designers Emporium (YDE) fashion chain, had now been met, and the
management teams are proceeding with the implementation of the merger and the
integration of the YDE business with that of the company.
For and on behalf of the board
Chris Durham
Company Secretary
Cape Town
20 May 2004
Date: 20/05/2004 04:44:07 PM Produced by the JSE SENS Department
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