To view the PDF file, sign up for a MySharenet subscription.

ALLIED ELECTRONICS CORPORATION LIMITED - Change in Chief Executive and Board responsibility

Release Date: 07/03/2017 17:00
Code(s): AEL AEN     PDF:  
Wrap Text
Change in Chief Executive and Board responsibility

Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: AEL      ISIN: ZAE000191342
Share code: AEN      ISIN: ZAE000191359
(“Altron” or “the company”)


CHANGE IN CHIEF EXECUTIVE AND BOARD RESPONSIBILITY

In accordance with Section 3.59 of the JSE Listings Requirements and in line with Altron’s publicly
announced strategy to move from a family controlled and managed business to an independent
management structure, the Altron Board is pleased to announce to shareholders the appointment of
Mr Mteto Nyati as Altron Chief Executive from latest 1 July 2017. Mr Nyati has served as Chief
Executive Officer of MTN South Africa since July 2015 and previously held executive positions at
IBM and Microsoft South Africa.          Mr Nyati holds a BSc in Mechanical Engineering from the
University of KwaZulu-Natal.


Shareholders are further advised that after 27 years with the Altron group and 16 years as Chief
Executive, Mr Robbie Venter will step down as Altron Chief Executive in due course. Mr Venter will
remain on the Altron Board as a non-executive director to continue to provide his wealth of
knowledge and experience to the company.


The Altron Board would like to take this opportunity to thank Mr Venter for the positive contribution
he has made to Altron over the past 27 years and welcomes Mr Nyati in the role of Altron Chief
Executive.



Johannesburg
7 March 2017

Sponsor
Investec Bank Limited

Date: 07/03/2017 05:00:00 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.

Share This Story