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1 Dec 2006 09:24
AECI LIMITED
("AECI" or "the Company")
(Incorporated in the Republic of South Africa)
Registration No. 1924/002590/06
Share code: AFE ISIN code: ZAE00000020
AECI LIMITED: CHANGES TO THE BOARD OF DIRECTORS
Alan Pedder CBE has advised the Board that he intends to retire as a non-executive director, and chairman of the Board, at the next annual general meeting of shareholders to be held on 21 May 2007. Alan joined the AECI Board in 1994 and has served as its chairman since 2000.
Colin Brayshaw, non-executive director of the Company and chairman of its audit committee, has advised the Board that he will also retire at the same meeting. Colin has served on the Board since 1996.
The directors of AECI thank both these colleagues for their most significant contributions to the affairs of the Board and the Company over many years.
In view of these retirements, AECI is pleased to announce that its directors have agreed to nominate Fani Titi to succeed Alan Pedder as chairman of the Board from 21 May 2007. Fani joined the Board in 2005 and is a member of the audit committee and chairman of the corporate citizenship committee. He is chairman of the Tiso Group and currently serves on the boards of several JSE-listed and unlisted companies.
The directors have also agreed that Mike Leeming, an executive director of Nedcor at the time of his retirement and a member of the Board since 2002, will succeed Colin Brayshaw as chairman of the audit committee, of which he is already a member. He also serves on the Company's corporate citizenship committee and on the boards of a number of other JSE-listed and unlisted companies.
AECI is also pleased to announce that Richard Dunne will join the Board in a non-executive capacity, and will be a member of the audit committee, with effect from 1 January 2007. Richard was the chief operating officer at Deloitte & Touche at the time of his retirement. He currently serves on the boards of Tiger Brands Limited and Anglo Platinum Limited in a non-executive capacity.
Furthermore, AECI is pleased to announce that Frank Baker and Graham Edwards, the managing directors of Chemical Services Limited and African Explosives Limited respectively, will join the Board in an executive capacity with effect from 1 January 2007 whilst retaining their current responsibilities.
29 November 2006
Sponsor: J.P.Morgan Equities Limited
AECI LTD
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