Tongaat Hulett: Retirement of the Chairman of the Board and Appointment of Successor

Tongaat Hulett Limited

(Registration number 1892/000610/06)

Share code: TON

ISIN ZAE000096541

TONGAAT HULETT: Retirement of the Chairman of the Board and Appointment of Successor

Tongaat Hulett hereby announces that JB Magwaza will retire as Chairman and Director of Tongaat Hulett at the conclusion of the Annual General Meeting on 30 July 2014. The Board is pleased to announce that Bahle Sibisi has been appointed as Non-executive Chairman with effect from 30 July 2014. 

Bahle Sibisi has been on the Board since 2007 and is presently a member of the Risk, SHE, Social and Ethics Committee. He is Chief Executive of Sangena Investments, and Chairman of SABS and Roadcrete Africa. He is a former deputy Director General of the Department of Trade and Industry. Bahle attained a Bachelor of Social Science at the University of Natal. He also holds an MA degree in Economic Development from Williams College in Massachusetts.

The Board has appointed Jenitha John, who is an Independent Non-executive Director on the Board and currently Chairman of the Audit Committee, as Lead Independent Director as required by the JSE Listings Requirements and in accordance with the King Code, in situations where the Chairman of the Board is not independent. This appointment is also with effect from 30 July 2014.

JB Magwaza joined Tongaat Hulett in 1975, was appointed to the board in 1994, retired as an executive in 2003 and became Chairman of the Board in the year 2009.

Said JB Magwaza, “I would like to congratulate Bahle on his appointment and wish him well in his new role. I have every confidence that he will provide valuable guidance and lead the board with diligence”.

Bahle Sibisi said, “As I accept this appointment, I would like to take this opportunity to thank JB for his valuable contribution to the company over 39 years of dedicated service. Tongaat Hulett has benefited from his inspired leadership and wise counsel. I am looking forward to serving the company in my new capacity as we continue to build on the established platform”.

Tongaat Hulett CEO, Peter Staude concluded, “On behalf of Tongaat Hulett and all its stakeholders, I wish to thank JB for his sterling contribution to the company and Board over so many years, and the calmness, strategic acumen and insight he brought to his leadership role as Chairman. We are pleased to welcome Bahle Sibisi in his new role as Chairman and look forward to his wisdom and support in the coming years”.


23 May 2014