Group Five announces CEO designate to take over fr
GRF
GRF
Group Five announces CEO designate to take over from Mike Lomas in April 2007
Group Five Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/000032/06)
Share code: GRF & ISIN: ZAE000027405
("Group Five" or "the company")
GROUP FIVE ANNOUNCES CEO DESIGNATE TO TAKE OVER FROM MIKE LOMAS IN APRIL 2007
The Group Five board wishes to inform shareholders that the current CEO, Mike
Lomas, has decided to retire at the end of March 2007, by which time he would
have completed 30 years" service with the group and ten years as CEO.
The nominations committee and the Group Five board have undertaken an in-depth
external executive search and also appraised internal applicants for the
position of CEO. After serious deliberation, the board has decided to appoint
Mike Upton as the CEO designate.
Mike Upton, the current managing director of Group Five Engineering Projects and
a Group Five Exco member, joined the group in 2002. Mike is a professional
engineer with a BSc Engineering degree from the University of Cape Town. He has
more than 20 years" experience in the engineering industry.
Engineering Projects will continue to report to Mike Upton until he assumes the
CEO position on 1 April 2007. Over the next seven months, he will work closely
with Mike Lomas and the Group Five Exco and management team to ensure a smooth
transition.
It has been agreed with the board that subsequent to his retirement, Mike Lomas
will be available to assist with the further transition until the end of June
2007.
The board would like to thank Lomas for his unwavering commitment to the
development and growth of Group Five. His drive and energy resulted in taking
the business to where it is today. Group Five is well positioned for growth and
the board has every confidence in Mike Upton and the team to lead the group to
new heights.
- ENDS-
10 August 2006
Date: 10/08/2006 08:57:10 AM Produced by the JSE SENS Department
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