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Pinnacle - changes to board and company secretary
As announced on 13 November 2015, Pierre Spies assumed the role of joint chief executive officer (“CEO”), together with Arnold Fourie, effective 1 January 2016, with the intention of assuming the role on his own from 1 July 2016. Following a successful handover period and good progress in the focus areas, shareholders are advised that Pierre Spies assumes the role of sole CEO with effect 1 July 2016.
As also announced on 13 November 2015, Arnold Fourie assumes the role of non-executive chairman of the board effective 1 July 2016. Arnold will continue to guide the strategy of the group, with a specific focus on international expansion opportunities. Mr A (“Oshy”) Tugendhaft, the current chairman of the board, will assume the role of deputy chairman.
Erhard van der Merwe has resigned from the board effective 30 June 2016. Having served Pinnacle as a Non-Executive Director for a number of years, Erhard will assume an executive role in Corporate Finance focussing, together with Arnold, on international expansion opportunities.
Following the above changes the board will comprise of Arnold Fourie (Non-Executive Chairman), A Tugendhaft (Deputy Chairman), Pierre Spies (CEO), Richard Lyon (Chief Financial Officer), Bheki Sibiya (Lead Independent Director), Ndumi Medupe (Independent Non-Executive Director) and Seadimo Chaba (Independent Non-Executive Director).
Change in composition of remuneration committee
Following the above changes to the Board, Arnold Fourie and Bheki Sibiya have joined the Remuneration Committee effective 1 July 2016. The composition of the Remuneration Committee will then be as follows: Ms N Medupe (Independent Non-Executive Director - Chairperson), Mr B Sibiya (Independent Non-Executive Director and Lead Independent Director - Member), Ms S Chaba (Independent Non-Executive Director - Member), Mr A Tugendhaft (Non- Executive Director - Member) and Mr A Fourie (Non-Executive Chairman - Member). The Remuneration Committee, so constituted, will then continue to have the required balance of a majority of Independent Non-Executive directors.
Change in company secretary
Vaughn Parkin has resigned as Company Secretary of Pinnacle effective 30 June 2016. He will join Axiz (Pty) Ltd, a major subsidiary, in a commercial role. Ms Liezel Grobler (CA) SA has been appointed as Company Secretary effective 1 July 2016. After having completed her articles Liezel fulfilled the role of Senior Audit Manager. She joined CSG Holdings Ltd as Group Financial Manager in 2009 and took on the role of Group Chief Financial Officer in 2012. She recently joined Pinnacle as Group Financial Manager.
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