Adcorp Holdings Limited
Registration number: 1974/001804/06
Share code: ADR
ISIN number: ZAE000000139
(“Adcorp” or the “Company”)
CHANGES TO THE BOARD
In accordance with paragraph 3.59 (a) and (b) of the JSE Limited Listings Requirements, Adcorp Group’s Board of Directors (“the Board, the Group or the Company”), a South African business leader in building workplace solutions and careers of the future, would like to announce the appointment of Dr John Peter Wentzel as the new Chief Executive Officer, with effect from 1 April 2021. John will replace Phil Roux, who joined the Group in April 2020 as CEO, charged with stabilizing the Company and developing a sustainable performance platform. Phil’s term is planned to end on 30 April 2021.
When the Board appointed Phil in April 2020, it was a common understanding by both parties that Phil would serve in a short-term capacity, given the task at hand and his preference for the FMCG industry. The Board, as a consequence, was obliged to commence the search for a permanent Chief Executive Officer soon after his appointment. The latter provides context to the appointment of Dr. John Peter Wentzel as our next Chief Executive Officer, thereby ensuring a seamless transition, given the excellent work that Phil has accomplished, until the stated departure date above.
Whilst Phil will continue to serve as the CEO until April 2021, the Board would like to acknowledge and thank him for the phenomenal turnaround efforts in the Group to date. What the Board believed would require two years to accomplish, has been achieved by Phil and his leadership team within a much shorter timeframe, notwithstanding tough economic conditions exacerbated by the COVID-19 19 pandemic. Some significant milestones achieved include inter alia:
- A renewed focus on our customers;
- Successful structuring of the new BEE deal for the Group;
- Improving the cash generation thereby reducing the net debt by 47%;
- Completing the sale of non-core operations, including FMS and Dare;
- Developing Corporate Strategy and enhancing governance structures of the Group; and
- Achieving significant cost reduction, rationalisation and efficiency initiatives across the Group.
The Board wishes to extend its gratitude to Phil for his exemplary leadership during a challenging time and achieving success notwithstanding.
Dr John Wentzel is an experienced business executive with more than 15 years of experience in the Retail and Workplace Management Solutions sectors. He has a genuine passion for the industry and is committed to advancing and innovating within the sector. John is currently the Chief Executive Officer at Tsebo International, a globally recognised Integrated Workplace Management Solutions provider, overseeing its operations in 21 African countries. Previous executive roles at the Tsebo Group included Chief Commercial Officer, where he drove customer value and the growth agenda, and Chief Executive Officer of the Facilities Solutions division. He further served as Chief Information Officer and Chief Operating Officer for large listed and unlisted companies. He has a penchant for human capital development and is committed to using training and development as a catalyst for growth and achievement of human potential whilst delivering customer value.
The transition and handover will occur during April 2021, with John leading the organisation in accordance with the revised Strategy that focusses on growth, customer centricity and efficiency in a sustainable manner. The Board believes that the business is on a positive trajectory and will be able to meet all its commitments and deliver on its long-term strategic intent.
21 December 2020