Wrap Text
Changes to the board of directors
FORTRESS REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share codes: FFA ISIN: ZAE000248498
FFB ISIN: ZAE000248506
Bond Company code: FORI
(Approved as a REIT by the JSE)
("Fortress" or "the company")
CHANGES TO THE BOARD OF DIRECTORS
Executive directors
Shareholders are advised that the board of directors of Fortress has, in line with its succession plan and in accordance
with good corporate governance principles, identified suitable candidates to continue driving the business forward and
ensure continuity. To this end, Fortress is pleased to advise that Steven Brown, the interim financial director, has been
designated as the next chief executive officer and managing director of Fortress. Mark Stevens has indicated to the board
his intention to retire within the next 12 months.
Steven has been working closely with Mark in recent years and in order to ensure a seamless transition over the coming
months will continue to do so until such time as Mark retires. With effect from 3 December 2018, Steven will be the
chief executive officer (designate) and will no longer serve as interim financial director.
Mark has had a highly distinguished career of many decades in the South African property sector, which included
10 years with Old Mutual Properties, as managing director of Fortress since its listing in 2009 and as chairman of the
SA REIT Marketing Committee.
Steven joined Coronation Capital after qualifying as a chartered accountant and chartered financial analyst, after which
he joined Standard Bank's global markets division in the equity derivatives finance team and subsequently the Real
Estate Finance division. Steven joined Fortress from Capital Property Fund after the acquisition by Fortress in
December 2015 and has in-depth knowledge of Fortress' business units.
Ian Vorster has been appointed as the chief financial officer and financial director of Fortress with effect from
3 December 2018. Ian is a chartered accountant and joined Fortress in October 2018 from Grant Thornton, where he
served as Head of Corporate Finance since 2015. Ian spent 10 years at PKF and a further four years at Grant Thornton
after the merger of Grant Thornton and PKF. Ian has a wealth of experience in corporate finance transactions, as well
as a deep understanding of the JSE Listings Requirements and International Financial Reporting Standards.
Donnovan Pydigadu has been appointed as an executive director and chief operating officer, a new position on the
Fortress board, with effect from 3 December 2018. Donnovan joined Fortress in April 2017 and has headed Fortress'
investor relations since early in 2018. Donnovan qualified as a chartered accountant and spent several years in
investment banking at Nedbank Corporate Property Finance and before joining Fortress, was the co-founder of the
Sanlam Real Estate Finance business unit within Sanlam Capital Markets.
Fareed Wania will continue to manage Fortress' office portfolio, but has resigned as an executive director of Fortress
with effect from 3 December 2018. The board extends its gratitude to Fareed for his valuable contribution as an executive
director and looks forward to his continued input and experience in the asset management of Fortress' office portfolio.
Vuso Majija will remain an executive director of Fortress, head of Fortress' retail division and will continue to serve as
Fortress' appointed representative to the NEPI Rockcastle plc board of directors.
Appointment of non-executive directors
Fortress is pleased to announce that Vuyiswa Mutshekwane and Sue Ludolph have been appointed as independent non-
executive directors of Fortress with effect from 3 December 2018.
Vuyiswa Mutshekwane is the chief executive officer of the South African Institute of Black Property Professionals
("SAIBPP"), a position she has held since September 2015. Vuyiswa holds a Bachelor of Commerce degree in Politics,
Philosophy and Economics and a diploma in Property Development and Investment from the University of Cape Town.
She has built a successful career in retail, marketing, strategic advisory and the commercial property sector. As chief
executive officer of SAIBPP, Vuyiswa has been instrumental in driving key national, sector-specific empowerment
policies, devising skills and enterprise development initiatives and championing transformation in the sector. In 2018,
she was selected as one of 16 women globally to represent South Africa in the prestigious Fortune 500 - US Department
of State Global Women's Mentoring Programme. She is also the founder of "Women on the Rise – Africa", a non-profit
organisation aimed at developing women leaders and driving gender parity.
Sue Ludolph, an experienced executive and chartered accountant with a long history in financial reporting, is currently
an independent member of the audit and risk committees of Discovery Health Medical Scheme and an ex-partner at
Deloitte. Sue was also project director for financial reporting at the South African Institute of Chartered Accountants
(SAICA), where she spent 13 years. She has been a judge for the PwC "Building Public Trust Awards" since 2014. Sue
founded the Top 100 CFO Forum for South Africa, which has been a leading influence in areas of capital market
regulation, financial reporting and other key areas of business and finance. She has Bachelor of Accounting and Bachelor
of Commerce degrees, has lectured in accounting and auditing and is a former dean of the commerce faculty for Educor's
Midrand Campus.
3 December 2018
Lead sponsor
Java Capital
Joint sponsor
Nedbank Corporate and Investment Banking
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