Retirement and appointment of Chairman
Cedric Savage, who has reached mandatory retirement age, retires as Chairman and
Director of Tongaat Hulett at the Annual General Meeting on 29 April 2009. The
board has appointed JB Magwaza as Chairman with effect from that date.
Cedric Savage joined Tongaat Hulett in 1977, was appointed to the board in 1981
and became Chairman of the board in the year 2000. He presided over the major
streamlining of Tongaat Hulett during his time as Chief Executive from 1991 to
Cedric Savage says, "I would like to congratulate JB Magwaza on his appointment
and wish him well in providing leadership to the board at this very exciting
time in the company's history. He has made a valued contribution to the Tongaat
Hulett board since his appointment in 1994 and I am confident that he will excel
in his new role."
"I am honoured to accept the appointment as Chairman of the board and would like
to thank Cedric Savage for his outstanding contribution to the company over 31
years of dedicated service. Tongaat Hulett has benefited from his vision and
business acumen and I am looking forward to serving the company in my new
capacity as we continue to build on the established platform," said JB Magwaza.
Tongaat Hulett CEO, Peter Staude concludes, "We are delighted to welcome JB
Magwaza as our new Chairman and look forward to his wise counsel and support in
the coming years. Tongaat Hulett and all its stakeholders have greatly benefited
from Cedric Savage's leadership, firstly as CEO and later as Chairman. We wish
him well in his retirement."
JB Magwaza is the founder of Nkunzi Investment and Chairman of Imbewu Capital
Partners (Pty) Ltd, a black owned and controlled private equity and investment
holding company. He commenced employment with Tongaat Hulett's sugar operation
in 1975 as an Industrial Relations Consultant and after being promoted to
various positions in the company was appointed to the Tongaat Hulett board as an
executive director in 1994. JB Magwaza retired in 2003, remaining on the board
in a non-executive capacity.
He is Chairman of Mutual and Federal and Pamodzi Investment Holdings serving on
numerous boards including Rainbow Chickens, Nedbank and Hulamin. In addition, JB
Magwaza is a founding member of the Black Management Forum (BMF) and a past
President of the Institute of Personnel Management.
Born in 1942, JB Magwaza attained a BA in Social Anthropology at the University
of Zululand. He holds numerous other qualifications including an MA Industrial
Relations from Warwick University in the United Kingdom.
1 April 2009
INVESTEC BANK LIMITED