Change in function of directors
In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited (”the JSE”), the board of
directors of RACEC (”the board”) hereby notifies its shareholders that Mr Charles Harrod will retire as Chief
Executive Officer of RACEC on 31 May 2010 and will be succeeded by Mr Gary Lee Harrod with effect from 1 June 2010.
Gary has a BSc (Construction Management) and completed the Construction Management Programme at the University of Stellenbosch`s MBA School. He has been employed by RACEC since 1998 and was appointed as an executive director in 2002 following his promotion to the position of managing director of RACEC Electrification (Proprietary) Limited, an operating division of RACEC. He assumed the position of Chief Operating Officer of RACEC in 2009, taking responsibility for the management of operations to ensure a smooth succession ahead of Charles` retirement. The board is confident that Gary will make a positive contribution to the future growth of the group.
During Charles’ 31 year tenure with the group, the last 10 years of which being as Chief Executive Officer, he was part of a team which completed a successful management buyout of RACEC in 1988, he was instrumental in RACEC`s listing on the JSE`s Alternative Exchange in 2007 as well as the successful conclusion of several acquisitions since listing which have added significant value to RACEC.
During this time the group has also diversified its activities from pure platelaying into the electrification sector and has broadened its presence throughout South Africa and Africa.
Charles will continue to serve as a non-executive director of RACEC, consulting on strategic and operational matters. The board thanks Charles for his commitment and significant contribution to the growth of the group and wishes him well in his retirement.
Cape Town
14 May 2010
Designated Adviser
Merchantec Capital
Date: 14/05/2010 15:32:02 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.
