Tongaat Hulett CEO, Peter Staude concludes, "We are delighted to welcome JB Magwaza as our new Chairman2009-04-01 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
2002. 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. Amanzimnyama, Tongaat 1 April 2009 ENDS
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