| Mon 11 Apr 2005, 10:32 | | Brait Positions itself for next chapter - Press An |
|
Brait Positions itself for next chapter - Press Announcement
BRAIT SA
SOCIETE ANONYME
(Incorporated in Luxembourg)
(RC Luxembourg B-13861)
JSE share code: BAT ISIN: LU0011857645
(`Brait`)
Brait Positions itself for next chapter
Listed international investment group, Brait SociEtE Anonyme (Brait), today
announced changes to its senior team. John Coulter, currently JP Morgan SA CEO,
will become CEO of Brait and Brait South Africa Limited with effect from
approximately June 1st, 2005. Current Brait CEO Antony Ball becomes new
Executive Chairman, and John Gnodde, current CEO of Brait Private Equity, the
Executive Deputy Chairman of Brait. Current Brait chairman Mervyn King remains
a non-executive director of Brait and Bheki Sibiya continues as chairman of
Brait South Africa Limited.
Sibiya said he welcomed the appointment of Coulter as CEO of both entities.
`John will bring additional strengths to our management team to enable Brait to
capitalise on a number of opportunities that are currently presenting themselves
to the group,` Sibiya said.
King, who has been chairman of Brait for six years, said, `We have all worked
hard to build a strong platform for the future growth of Brait. The Private
Equity business continues to perform strongly, and is well positioned for a
successful completion of its next private equity fund, Brait IV. Our Corporate
Finance business is successfully repositioned, refocused and has returned to
profitability while our Specialised Funds business has a market leading position
in the hedge fund industry.`
Antony Ball said John Coulter will be mandated to capitalise on Specialised
Fund`s leadership position in the domestic fund of hedge fund industry, build
the successfully refocused Corporate Finance business, and spearhead corporate
initiatives for the Group.
`We are thrilled to have John join our team. He has proved to be an
exceptionally capable leader of JP Morgan`s South African business.
Additionally, he is well known to many of us at Brait, where he is held in the
highest esteem,` said Ball.
John Coulter said, `I have known Brait well in the time I have been in South
Africa and have been impressed by their business, their people and their
strategy. I have a good understanding of all their businesses, and am excited at
the challenge of partnering with Bheki, Antony, John and the rest of the Brait
team.`
Ball and Gnodde will continue to focus on the Brait IV capital raising programme
and deal activity in the private equity arena, whilst creating the capacity to
grow the Group into other areas. As Executive Chairman of Brait, Ball will
continue to play a major role in the strategic oversight of the Group.
John Gnodde`s appointment to the board and as Executive Deputy Chairman
coincides with his 10 year tenure at Brait and follows a highly successful
performance of the private equity business under his leadership. He will
continue to act as CEO of Brait Private Equity.
Mervyn King said; `I have been considering the chairmanship succession at Brait.
Accordingly, the confluence of events permits the appointment of a new chairman.
I will remain chairman of the remuneration committee, a member of the audit
committee and an advisor to the group.`
Further appointments to the board will be announced in due course.
For further information, please contact:
Antony Ball
BRAIT
Telephone: +27 (0)11 507 1320
Cell: +27 (0)82 389 9800
Email: aball@brait.com
John Gnodde
BRAIT
Telephone: +27 (0)11 507 1532
Cell: +27 (0)82 389 9821
Email: jgnodde@brait.com
Date: 11/04/2005 10:12:59 AM
Produced by the JSE SENS Department
