FOS
FOS
FOS - Foschini Limited - Change in CEO
FOSCHINI LIMITED
Reg. No.: 1937/009504/06
Code: FOS
ISIN: ZAE000031019
Change in CEO
The company announced that Dennis Polak who has been the CEO for the last 10
years would be retiring from this position at the end of 2007. Dennis will
have spent 39 years with the group, the last 10 as CEO.
Chairman Eliot Osrin said Dennis has been an outstanding CEO and under his
stewardship the company has not only annually produced outstanding results
(increasing earnings per share from 82,7 cents in 1998 to 463,0 cents in
2006), but it had considerably increased the number of divisions which
constitute the group by adding Exact, Fashion Express, Due South, @Home,
Luella and RCS financial services to the group`s offerings.
"We are delighted that Dennis will be remaining on as a non executive
director of the group and are confident that his successor who has a proven
retail track record will ensure the continued prosperity of the group".
Starting in 2005 the Board embarked on a comprehensive succession process to
select an internal candidate, and the company is pleased to announce the
appointment of Simon Bowley as Group CEO designate with effect from 19
February 2007. This appointment will facilitate an orderly 11 month
transition, during which time Dennis and Simon will adjust their respective
roles to accommodate a seamless change in leadership on 1 January 2008, when
Simon will be appointed as Group CEO.
Simon has been with the group for 20 years, the past 7 as MD of the Foschini
stores division and prior to that as MD of the Markham division.
His appointment has received the unanimous approval of the Nominations
Committee and the Board.
The Board believes that these changes will facilitate a smooth transition of
leadership while retaining the experience and good governance required by
the company and its stakeholders.
Cape Town
19 February 2007
SPONSOR
UBS South Africa (Pty) Ltd
-ENDS
Date: 19/02/2007 15:00:00 Produced by the JSE SENS Department.
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