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Cape Town - Bidcorp executive chairperson Brian Joffe has announced that he will be stepping down from this position to launch a new JSE-listed company.
"Brian (Joffe) has informed the board that he will be launching a new listed JSE
investment vehicle which will not focus on activities competitive with
the current Bidcorp's foodservice business," Bidcorp said on Tuesday.
Joffe and the Bidcorp board announced that they have come to a mutual agreement that Joffe, who has been in the transitional role of executive chair of Bidcorp since the unbundling of Bidcorp from the Bidvest Group in May 2016, would relinquish this position "as this task has now been achieved".
If needed, Joffe will continue in a non-executive chairperson role after this date, until the process of appointing an independent non-executive chairperson has been completed. Once this has been finalised, Joffe will assume the role of a non-executive director.
The board thanked Joffe for his contribution and wished him well with his new venture.
Transition arrangements of Brian Joffe from executive chair to non-executive director Bid Corporation Limited (Incorporated in the Republic of South Africa) Registration number: 1995/008615/06 Share Code: BID ISIN ZAE 000216537 ("Bidcorp" or "the company") TRANSITION ARRANGEMENTS OF BRIAN JOFFE FROM EXECUTIVE CHAIR TO NON-EXECUTIVE DIRECTOR OF THE BIDCORP GROUP Since the unbundling of Bidcorp from The Bidvest Group Limited in May 2016, Brian Joffe ("Brian") has performed the transitional role of Executive Chairman of Bidcorp. The Bidcorp Board and Brian have mutually agreed that as this task has now been achieved, Brian will, effective June 30 2017, relinquish his position as Executive Chairman. Brian has agreed to continue, if necessary, in a non-Executive Chairman role after this date, until the appropriate process for the appointment of an Independent non-Executive Chairman has been completed. As soon as the appointment of the new Chairman is finalised, Brian will then assume the role of a non-executive director. Bernard Berson will continue in his role as Group Chief Executive of Bidcorp. The Board sincerely thanks Brian for his leadership and vision in the creation of Bidcorp in its new identity and is delighted that Brian will continue his strong association with the Bidcorp Group in the future. Brian has informed the Board that he will be launching a new listed JSE investment vehicle which will not focus on activities competitive with the current Bidcorp's foodservice business. The Board wishes him well in this new venture. Date: March 27 2017 Johannesburg Sponsor: The Standard Bank of South Africa Limited Date: 27/03/2017 10:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
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Transition arrangements of Brian Joffe from executive chair to non-executive director Bid Corporation Limited (Incorporated in the Republic of South Africa) Registration number: 1995/008615/06 Share Code: BID ISIN ZAE 000216537 ("Bidcorp" or "the company") TRANSITION ARRANGEMENTS OF BRIAN JOFFE FROM EXECUTIVE CHAIR TO NON-EXECUTIVE DIRECTOR OF THE BIDCORP GROUP Since the unbundling of Bidcorp from The Bidvest Group Limited in May 2016, Brian Joffe ("Brian") has performed the transitional role of Executive Chairman of Bidcorp. The Bidcorp Board and Brian have mutually agreed that as this task has now been achieved, Brian will, effective June 30 2017, relinquish his position as Executive Chairman. Brian has agreed to continue, if necessary, in a non-Executive Chairman role after this date, until the appropriate process for the appointment of an Independent non-Executive Chairman has been completed. As soon as the appointment of the new Chairman is finalised, Brian will then assume the role of a non-executive director. Bernard Berson will continue in his role as Group Chief Executive of Bidcorp. The Board sincerely thanks Brian for his leadership and vision in the creation of Bidcorp in its new identity and is delighted that Brian will continue his strong association with the Bidcorp Group in the future. Brian has informed the Board that he will be launching a new listed JSE investment vehicle which will not focus on activities competitive with the current Bidcorp's foodservice business. The Board wishes him well in this new venture. Date: March 27 2017 Johannesburg Sponsor: The Standard Bank of South Africa Limited Date: 27/03/2017 10:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
