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Changes To Massmart Board Announced

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Following the completion of Walmart’s acquisition of a controlling interest in Massmart, the group has announced changes to the Massmart Board, effective 20 June 2011.

In line with what was announced in the circular to Massmart shareholders, the Board will comprise nine directors, including four independent non-executive directors, three non-executive directors and two executive directors.

Mark Lamberti (Chairman), Dr. Lulu Gwagwa, Phumzile Langeni and Chris Seabrooke will continue to serve on the Massmart board as independent, non-executive directors, as will Massmart CEO Grant Pattison and CFO Guy Hayward, in their capacity as executive directors.

In terms of the acquisition, Walmart was entitled to nominate the chairman plus three non-executive directors to the Board. These are Walmart International representatives Doug McMillon (President and CEO), Jeffery Davis (Senior Vice-President Finance & Treasury) and JP Suarez (Senior Vice President – International Business Development).

Messrs Dods Brand, Kuseni Dlamini, Jim Hodkinson, Nigel Mathews, Peter Maw and Ms Dawn Mokhobo have resigned from the Board. Their contribution to the evolution, growth, performance and governance of Massmart over a definitive decade could be no better acknowledged than by Walmart selecting the company for its entry into Africa.

Massmart thanks the outgoing directors, on behalf of all stakeholders, for their service and diligence as directors and as members of board sub-committees, and wishes them well in their future endeavours.

Changes to the composition of the Board sub-committees will be finalised at the first meeting of the new Board later this month.

The composition of the new Massmart board was also communicated via SENS today.

Notes to Editors

About Massmart Non-Executive Directors

Mark J Lamberti
Appointed 1 August 1988.

Chairman of the Board, member of the Remuneration and Nominations Committee and Chairman of the Strategy and Investment Committee.

Following progress through a multi-functional retail career that began in 1975, Mark was appointed Managing Director of the ailing six-store Makro chain in 1988. After successful repositioning of the chain, he founded Massmart in 1990 to pursue an aggressive growth strategy in high-volume, low-gross margin, low-expense retailing and wholesaling.

In 1996, he was appointed Executive Chairman of Massmart and from July 2003 CEO and Deputy Chairman of the Board. At the end of June 2007 he relinquished his executive role to become non-executive Chairman. His role as architect and leader of Massmart has been widely recognised with numerous awards including that of the Ernst & Young South African Entrepreneur of the Year in 2001.

Mark currently serves as Chief Executive Officer of Transaction Capital (Pty) Limited. He has been Chairman of Business Against Crime South Africa, and is a director and executive committee member of Business Leadership South Africa.

His commitment to education has led to his involvement as a benefactor, director or adviser to a number of educational institutions, including the Wits Business School where he is an Honorary Professor.

C. Douglas McMillon
Appointed 20 June 2011.

Doug McMillon is the president and chief executive officer of Walmart International. In 1984, Doug began his career with the company as a summer associate in a Walmart Distribution Center. In 1990, while pursuing his MBA, he rejoined the company in a Tulsa, Okla., Walmart store. Most of Doug’s 20-year career has been in merchandising in the Walmart U.S. division, primarily in food, apparel and general merchandise. He has also held various merchandising positions at Sam’s Club and Walmart International in addition to holding leadership roles in all three operating segments of the company. From 2006 to February 2009, Doug served as President and Chief Executive Officer of Sam’s Club, an operating segment of Walmart, with sales of more than $46 billion during his tenure. He currently serves on the board of directors of the U.S. China Business Council, the executive committee and board of directors for Students in Free Enterprise (SIFE), the Dean’s Advisory Board for the Walton College of Business at the University of Arkansas and the board for Crystal Bridges, an American art museum. Doug has also been recognized as a Young Global Leader by the World Economic Forum. Originally from Jonesboro, Ark., Doug graduated from the University of Arkansas in Fayetteville, with a Bachelor of Science in Business Administration. He received his MBA in Finance at the University of Tulsa.

JP Suarez
Appointed 20 June 2011.

John Peter (JP) Suarez is the Senior Vice President of International Business Development for Walmart International. JP is responsible for leading Walmart’s international merger and acquisition activities, international real estate and construction activities, and global format development efforts. Prior to being named to his current position in 2011, JP was Senior Vice President and General Counsel for Walmart International. He joined the company in 2004 as Vice President and General Counsel for Sam’s Club. His previous experience includes serving as the United States’ EPA Assistant Administrator for Enforcement and Compliance, acting as a federal and state prosecutor, and working as Chief Enforcement Officer over New Jersey’s gaming industry. J.P. graduated from the University of Pennsylvania Law School, where he was an Articles Editor for the law review. He completed his undergraduate studies at Tufts University, where he received a B.A. in English and Drama, with honours in both majors.

Jeffery Davis
Appointed 20 June 2011.

Jeffery Davis is Walmart International’s Senior Vice-President Finance & Treasury and has responsibility for treasury operations, capital markets, investor relations and risk management. Jeffery was previously Senior Vice President of Finance and Strategy, Operations, for Walmart U.S. He joined Walmart in 2006 as Vice President of Finance for the Walmart U.S. health and wellness merchandise unit. Previously, he served as Chief Financial Officer for Lakeland Tours, LLC, where he led its acquisition growth strategy and was responsible for all accounting, financial reporting treasury and capital structuring, and strategic planning functions. Prior to that, Jeffery was Chief Financial Officer for McKesson General Medical and he held a number of financial leadership roles at the Hillman Co, a private investment holding company. He also spent four years at KPMG Peat Marwick as an audit supervisor. He obtained his BS Accounting at the Pennsylvania State University and then completed his EMBA at the University of Pittsburgh, PA, USA.

Chris Seabrooke
Appointed 1 February 2000.

Deputy Chairman of the Board and Lead Independent Director, and a member of the Remuneration and Nominations, Audit and Strategy and Investment Committees.

Chris has, over the years, been a director of over 20 stock exchange-listed companies. He is currently CEO of Sabvest Limited (JSE), Chairman of Metrofile Holdings Limited and Set Point Group Limited (JSE), and a director of Datatec Limited (JSE/AIM), Net1 UEPS Technologies Inc (Nasdaq/JSE) and Brait S.A. (Luxembourg/London/JSE). He is also Chairman of the Alternative Equity Partners Fund and a director of a number of unlisted companies locally and internationally. He is a former Chairman of the South African State Theatre and former Deputy Chairman of both the inaugural National Arts Council of South Africa and the founding board of Business & Arts South Africa.

Dr Nolulamo (Lulu) Gwagwa
Appointed 1 November 2006.

Lulu is Chief Operating Officer of Lereko Investments (Pty) Limited. She was Deputy Director General in the National Department of Public Works, responsible for establishing the national public works programme, and completed a five-year term as the CEO of the Independent Development Trust. She has served on various Government commissions, and is a non-executive director of FirstRand Limited, the Development Bank of Southern Africa and Sun International Limited.

Phumzile Langeni
Appointed 25 August 2004.

Phumzile is the Executive Chairperson of Afropulse Group (Pty) Limited, a women-led investment, investor relations and corporate advisory house. She was previously the economic adviser to the Minister of Minerals and Energy, and an executive director of dual-listed junior platinum miner, Anooraq Resources. Phumzile is a non-executive chairperson of Astrapak Limited, a non-executive director of Imperial Holdings Limited, Peermont Global (Pty) Limited, the Mineworkers Investment Company (Pty) Limited, Transaction Capital (Pty) Limited and a member of the Port Regulator.

About Massmart Executive Directors

Grant Pattison (39)
BSc (Eng) (Hons) (UCT)

Chief Executive Officer, member of the Strategy and Investment Committee.
Appointed 7 December 2004.

Grant graduated from the University of Cape Town as an electrical engineer. After four years with the Anglo American group and two years consulting with The Monitor Group, Grant joined Massmart as Executive Assistant to the Executive Chairman in 1998. He has since held various positions within the Group, including Managing Director of Massdiscounters and Group Commercial Executive. He joined the Executive Committee in 2000 and the Board in 2004, becoming Deputy Chief Executive Officer in 2005, Chief Executive Officer Designate in 2006 and Chief Executive Officer on 1 July 2007.

Guy Hayward (45)

Chief Financial Officer, member of the Risk, and Strategy and Investment Committees.
Appointed 15 May 2001.

Guy graduated from the University of Cape Town in 1986 and, after serving articles with Deloitte Haskins & Sells, qualified as a Chartered Accountant in 1989. During the 1990s he held senior financial roles at Malbak and CNA Gallo in South Africa and at Goldman Sachs in London. He joined Massmart as Group Financial Executive in 2000 and was appointed Chief Financial Officer in 2001. Guy is also a Governor of Hilton College.

Issued by Brunswick on behalf of Massmart.

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