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GNDE - Grindrod - CEO Announcement

26/05/2006 15:04:19

GND GNDP
GND
Grindrod - CEO Announcement
Grindrod Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/0009846/06)
(Share code: GND & GNDP, ISIN: ZAE000072328 & ZAE000071106)
("Grindrod" or "the Company")
PRESS ANNOUNCEMENT
Murray Grindrod, the Chairman of Grindrods, the shipping and logistics group
announced today the retirement of Grindrod"s CEO Ivan Clark with effect from 31
December 2006.
He went on to say that Mr Clark had been with the group for almost 30 years and
had reached retirement age of 63 and following seven years of success at the
helm of Grindrods, Mr Clark felt that it would be in the group"s interests that
a new Chief Executive Officer be appointed.
Mr Grindrod also announced that Mr Clark would take over as non-Executive Deputy
Chairman of the group with effect from 1 January 2007 with Mr David White the
current Deputy Chairman continuing as a non-Executive Director.
It was further announced by Mr Grindrod that Mr Alan Olivier currently an
Executive Director and the Managing Director of Unicorn Shipping would take on
the role of Chief Executive Officer designate with immediate effect while
carrying on with his current role and would succeed Mr Clark as Chief Executive
from 1 January 2007.
Mr Grindrod went on to say that he was confident in the appointment of Mr
Olivier who has had 20 years service with the group during which period he has
at all times reported to Mr Clark and wished him success in his new position.
He further added that Mr Clark had been a most successful CEO who had taken
Grindrods to a much bigger and stronger company which had reached new heights
and continues to operate most successfully. He added, "with Mr Clark taking on
the role of Deputy Chairman he will continue to be of great value to the company
and will allow a smooth transition of the Chief Executive role."
Ends
Date: 26/05/2006 03:04:27 PM Produced by the JSE SENS Department


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