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ADCORP HOLDINGS LIMITED - Resignation of Chief Executive Officer

Release Date: 09/10/2019 08:00
Code(s): ADR     PDF:  
Wrap Text
Resignation of Chief Executive Officer

Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1974/001804/06)
Share code: ADR & ISIN: ZAE000000139
("Adcorp" or "the Company" or “the Group”)

RESIGNATION OF CHIEF EXECUTIVE OFFICER (“CEO”)

Adcorp hereby announces that Mr Innocent Dutiro has resigned as the CEO of Adcorp,
effective 8 October 2019.

Innocent joined the Company in October 2017. During his tenure, he led the Group through
the first phase of a strategic turnaround that achieved notable successes, including the
repositioning of the Adcorp brand. The timing of Innocent’s departure has been driven by his
desire to review his own career after giving two eventful years to the Group.

The Company’s Board of Directors expresses its gratitude to Innocent and wish him well in his
ventures.

Ms Cheryl-Jane (“CJ”) Kujenga, the Company’s Chief Financial Officer (“CFO”), will serve as
interim CEO while the Board evaluates a successor for Innocent. CJ was recently recognised
by the African Women of Chartered Accountants (AWCA) organisation as the CFO of the year
in the private sector. We have every confidence that her leadership and guidance in the
interim period will continue to assist the Group to deliver on its business plan in upcoming
months.

Interim Plans by the Board

The Board is actively responding to the poor Trading Statement recently released by the Group
and is working with management to put in place corrective measures. These will include the
following:

   •   Immediate search for a substantive CEO that will assist the Group with its next chapter.
       Key considerations would be a leader with strong service operational experience, with
       an emphasis on a strong people culture and client focus;
   •   Review of the Group’s strategy to ensure that focus is placed on the core
       competencies of the Group namely temporary employment services (including
       functional outsourcing), IT resourcing, business process outsourcing and training;
   •   Review of the current Group initiatives, with a view to prioritise them and ensure that
       the Group is not trying to do too many things concurrently;
   •   Review of the level of relevant industry experience at both management and board
       level, and plan to bring in strategic skills that will be complimentary for the Group.

The Group plans to bring forward the release of its Interim Results from the 28 th October 2019.
This will be followed soon after by a roadshow to engage with the key stakeholders for the
Group and update them on the key short, medium and long-term plans for the business.

The Board is confident that the business is fundamentally sound and will able to meet all its
commitments and deliver on its immediate strategic plans.

9 October 2019

Sandton

Sponsor: Nedbank Corporate & Investment Banking, a division of Nedbank Limited

Date: 09/10/2019 08:00:00
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