Huge Group PR - Huge Group restructures Board


Huge Group PR - Huge Group restructures Board

By Huge Group - Wednesday, November 12, 2008

 

 
Huge Group restructures Board
12 November 2008
 
 
South Africa's best performing Alt-X listed company for 2007, the Huge Group, announced this morning that they have restructured their Board of Directors.  Current CEO Anton Potgieter has been appointed to the position of Executive Chairman and James Herbst, currently Group Financial Director, has been appointed to the position of Group Chief Executive Officer. 
 
According to Potgieter, the Huge Group's commitment to succession planning played a critical part in its decision to restructure its Board.  "The group continues to focus on placing the right people in the right roles to facilitate and enable its future growth aspirations.  In this regard we have made a number of changes since listing the company.  Recent appointments include Stephen Tredoux (previous executive GM: Sales at MTN), Rajen Pillay (previous Operations Director of Orion Telecom, a Vox Telecom company), Don Tredoux (previous founder of Orion Telecom), Ken Jarvis (previous Chief Information Officer at SARS), and Amil De Moura (previous Project Executive at IBM).  The roles of Chairman and Group CEO have been roles that have required due and careful consideration by the Board, especially in light of the suggestions made by the King Code, and we have been faced with balancing the requirements of the business with the suggestions of the King Code.  We feel there is a strong argument for the services of a full time chairperson who can champion the profile of the company with all stakeholders in the market, especially in the case of a newly listed company.  As I have assumed responsibility for this executive role under the portfolio of Group CEO, this has meant that the responsibilities of Group CEO have risked neglect.  Fortunately I have had James at my side and he has assumed responsibility for a number of the traditional duties of the CEO.  It was therefore important for us to align accountability with responsibility and hence the natural fit of moving to an executive chairman position and appointing James as the Group CEO," says Potgieter.
 
Potgieter was Managing Director of the unlisted TelePassport for 14 years and subsequently held the position as CEO of the Huge Group for more than a year, since its listing in August 2007.  Herbst was previously FD of, and responsible for the listing of, Datapro (now Vox Telecom), and has held the position of Group Financial Director at Huge Group since its listing.
 
The move will add momentum to the company's current growth path as reflected in its recent performance.  The company recently released interim results showing revenue growth for the six months ending 31 August 2008 of 25% when compared to the corresponding period in the prior year. 
 
Potgieter says, "The Huge Group is currently contemplating a number of potential acquisitions that will augment its growth and hence the need to appropriately position our people in a proactive way so that we can successfully address and manage further acquisitions."  Potgieter will replace outgoing non-executive chairman, Chief Lediga, who Potgieter says, "has played a critical part in helping the Huge Group through a very successful first listed year, and has added considerable value and guidance to our board."

For further information contact:
Duncan Palmer
Group Marketing Manager
(t) +27 11 603 6000
(f) +27 11 603 6001
dpalmer@hugegroup.com
www.hugegroup.com