Changes to the board
Johannesburg Stock Exchange - SENS NEWS DELAYED
Changes to the board
Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 000152617
("Massmart" or the "Company")
NOTICE OF VARIOUS CHANGES TO THE BOARD AND COMPOSITION OF MASSMART BOARD
CHANGES TO THE BOARD
In accordance with paragraph 3.59 of the JSE Limited Listings Requirements, shareholders are advised of the
Retirement of non-executive director – Mr. Chris Seabrooke
Shareholders are referred to the announcement made by the Company on 27 August 2018 in which Mr. Chris
Seabrooke’s retirement from the Company’s Board of Directors (the “Board”) (previously announced on 25 May
2018) was postponed. Mr. Seabrooke’s retirement will now become effective on the date of the Company’s next
Annual General Meeting on 23 May 2019, from which date Mr. Seabrooke will step down as the Deputy
Chairman and Lead Independent non-Executive Director of the Board. Mr. Seabrooke retires from the Board to
focus on other business interests.
The Board, Massmart Executive Committee and Management extend their sincere appreciation and thank Mr.
Seabrooke for his significant and invaluable contribution to the Massmart business over the past 19 years and
wish him all of the very best in his future endeavors.
Resignation of non-executive director – Mr. Roger Burnley
The Board regrets to announce the resignation of Mr. Roger Burnley as non-executive director of the Company
with effect from 27 February 2018. Mr. Burnley was appointed to the Board on 26 May 2017 as one of the three
Walmart-appointed nominees to the Board. Mr. Burnley resigns from the Board as a result of his increased
responsibilities as Chief Executive Officer of Walmart’s UK business, ASDA.
The Board, the Executive Committee and Management thank Mr. Burnley for his invaluable insights and
contribution to the Board during his tenure on the Board.
Appointment of non-executive directors
Appointment of non-executive director Ms. Lindiwe Mthimunye
The Board is pleased to inform shareholders that Ms. Lindiwe Mthimunye has been appointed as non-executive
director of the Company with effect from 27 February 2019.
Ms. Mthimunye brings to the Board a wealth of: accounting, operational management, investment banking,
FMCG, retail and commercial real estate experience. She has previously held a variety of senior and executive
leadership roles, including Group Chief Financial Officer of Petro SA and is currently the Managing Director of
Petroleum Investments Partners. Ms. Mthimunye is also a seasoned and experienced non-executive director,
having held board roles in listed and non-listed entities in a number of sectors including in: retail, FMCG,
construction, automotive and financial services. She currently serves on the boards and committees of large
corporates, including Pioneer Foods Limited, Torre Industries Limited, Metrofile Limited and
Sabvest Limited. Ms. Mthimunye is a qualified chartered accountant of South Africa, CA (SA) and holds the
following qualifications: B.Com (UCT); PG. Diploma in Accounting (UCT); PG. Diploma in Tax Law (Wits);
and M.Com (UCT).
Appointment of non-executive director Mr. JP Suarez
The Board is pleased to inform shareholders that Mr. JP Suarez has been appointed as non-executive director
of the Company with effect from 27 February 2019. Mr Suarez was previously a Walmart-Appointed nominee on
the Board until his resignation on 26 May 2017. With his extensive international retail experience and knowledge
of the Massmart business, Mr. Suarez will add significant value to the Massmart business and Board
discussions. He is currently the Executive Vice President and Chief Administrative Officer, Walmart International
with responsibility for International Technology, International Supply Chain and International Leverage, and
previously held various senior executive roles including, more recently as Executive Vice President, Realty for
The Board, Massmart Executive Committee and Management are pleased to welcome Ms. Mthimunye and
Mr Suarez to the Board and wish them all of the very best.
CHANGES TO THE COMMITTEES
Following the aforementioned directorate changes, the Board is pleased to announce the following Committee
Audit and Risk Committees
Ms. Mthimunye is appointed to serve as a member of the Audit and Risk Committees with effect from
27 February 2019.
Social and Ethics Committee
Ms. Phumzile Langeni steps down as member and Chairman of the Social and Ethics Committee with effect
from 28 February 2019.
Dr. Nolulamo (Lulu) Gwagwa is appointed to serve as member and Chairman of the Social & Ethics Committee
with effect from 1 March 2019.
The Board, Massmart Executive Committee and Management are pleased to welcome Ms. Mthimunye to each
of the Massmart Audit and Risk Committee and Dr. Gwagwa to the Social and Ethics Committee. The Board
wishes the Committee members all of the very best.
28 February 2019
JP Morgan Equities South Africa (Pty) Ltd
Date: 28/02/2019 07:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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