MSM: MASSMART HOLDINGS LIMITED - Chief Executive Officer To Step Down
MSM: MASSMART HOLDINGS LIMITED - Chief Executive Officer to step down Chief Executive Officer to step down Massmart Holdings Limited (Incorporated in the Republic of South Africa) (Registration Number: 1940/014066/06) Share code: MSM ISIN: ZAE000152617 ("Massmart" or "the Company") Chief Executive Officer to step down The Board of Massmart announces that after almost 20 years in the business, the past five of which have been as Chief Executive Officer, Guy Hayward has informed the Board of his decision to step down from his role before the end of 2019. The exact timing of Guy´s exit is still to be confirmed as he and the Board embark on the process of ensuring a seamless transition. The process to appoint Guy´s successor is underway and the Board will make further announcements in due course. Guy has guided Massmart through exceedingly challenging market conditions and has worked to position the business for future growth. Under his leadership we have seen the introduction of Value Added Services, the development of a shared Group logistics service, and the implementation of competitive online offerings in Makro, Game and Builders Warehouse. Massmart has an experienced executive management team, who along with Guy´s successor will continue to focus on the improvement of Massmart´s high-volume, low-expense business model that saves our customers money so that they can live better. Massmart Board Chairman, Kuseni Dlamini, said "We would like to convey our appreciation to Guy for his contribution and dedication to Massmart over the years. He has been a valued contributor to many of the Company´s defining milestones including: our listing on the JSE in 2000, the closure of the Walmart transaction in 2010/11 and the multiple corporate acquisitions to grow and diversify the Group. We wish him well in all his future endeavours". Johannesburg 6 May 2019 Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd Date: 06/05/2019 08:43:00 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.