Jasco Electronics Holdings Limited - Changes To Th
Jasco Electronics Holdings Limited - Changes To The Board
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003293/06)
Share code: JSC ISIN: ZAE000003794
`Jasco`, or the `group`, or the `company`
Website: www.jasco.co.za
In compliance with the requirements of rule 3.59 of the Listings Requirements of
the JSE Limited, Jasco announces the following changes to its executive team:
Following Jasco`s announcement in April that CEO Dr Stuart Robertson planned to
step down later this year, the Jasco board today confirmed the appointment, with
effect from 1 September, of Mr Joe Madungandaba as acting group CEO. Mr
Madungandaba has been Jasco`s Managing Director since November last year. He
will continue to focus on Jasco`s strategic growth plans and will work with
Martin Lotz, the group`s COO responsible for the operational and financial
running of the group. The board will appoint a permanent CEO within the next 12
months.
Dr Robertson will join Jasco`s main shareholder and BEE partner, Community
Investment Holdings (CIH), at the end of August. He will consult to CIH on
driving the future direction of their investments and extracting synergies
between CIH and Jasco.
The board thanked Dr Robertson for turning Jasco around over the last five
years. Jasco`s Chairperson, Dr Anna Mokgokong, specifically thanked Dr Robertson
for entrenching transformation and gender equality at Jasco.
Jasco`s period of restructuring is now complete and the group is positioned for
future growth. The Board welcomed Mr Madungandaba in his new role and expressed
their confidence in the strong management team in place to take Jasco into its
new growth phase.
By order of the Board
Jasco Electronics Holdings Limited
Woodmead 28 July 2005
Sponsor
Sasfin Corporate Finance
(A division of Sasfin Bank Ltd)
Date: 28/07/2005 09:55:53 AM
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