1998/04/16
COUNTRY ROAD ANNOUNCEMENT - WOOLWORTHS HOLDINGS LIMITED [JSE Securities Exchange - SENS]
 
17/04/1998

WHL
COUNTRY ROAD ANNOUNCEMENT - WOOLWORTHS HOLDINGS LIMITED
WOOLWORTHS HOLDINGS LIMITED
COUNTRY ROAD ANNOUNCEMENT
16 APRIL 1998
COUNTRY ROAD CHIEF EXECUTIVE OFFICER, MR MIKE HOWELL, ANNOUNCED TODAY THAT HE
HAD ADVISED THE BOARD THAT HE DID NOT INTEND TO RENEW HIS CONTRACT WHEN IT
EXPIRED IN OCTOBER 1998.
COUNTRY ROAD CHAIRMAN, MR SYD MULLER, SAID THAT ARISING FROM THIS HE WAS
PLEASED TO ANNOUNCE THAT MR IAN THOMSON HAD ACCEPTED AN INVITATION FROM THE
BOARD TO TAKE UP THE POST OF CEO OF COUNTRY ROAD.
MR THOMSON WAS UNTIL RECENTLY CEO OF LIBERTY PLC IN LONDON. PREVIOUSLY HE
SERVED ON THE BOARD OF SEARS PLC THE UK BASED RETAILER, AND PRIOR THAT HE WAS A
DIRECTOR OF THE EDGARS GROUP IN SOUTH AFRICA.
MR HOWELL WAS APPOINTED COUNTRY ROAD CEO IN OCTOBER 1993. HE WAS PREVIOUSLY
MANAGING DIRECTOR OF MYER GRACE BROS AND ALSO TRUWORTH LTD, PART OF THE WOOLTRU
RETAILING GROUP IN SOUTH AFRICA.
"I INITIALLY ADVISED THE COMPANY IN 1996 THAT I DID NOT INTEND TO STAY BEYOND
MY CONTRACT PERIOD AS I BELIEVED THAT THE TIME HAD COME TO THINK ABOUT THE
FUTURE OF THE COUNTRY ROAD BRAND INTO THE 21ST CENTURY." MR HOWELL SAID.
HE SAID HE HAD ENJOYED BEING ASSOCIATED WITH AN AUSTRALIAN BRAND WHICH HAS
ACHIEVED RECOGNITION IN THE INTERNATIONAL MARKET AND BELIEVED IT HAS EVEN MORE
POTENTIAL BOTH IN AUSTRALIA AND INTERNATIONALLY.
MR MULLER PAID TRIBUTE TO MR HOWELL'S DEVELOPMENT OF A STRUCTURE AND STRATEGY
WHICH HAVE PROVIDED A PLATFORM TO ALLOW THE COUNTRY ROAD BRAND TO FULFIL ITS
POTENTIAL.
"SINCE MIKE IS IN PLACE UNTIL THE END OF OCTOBER, THIS GIVES US SUFFICIENT TIME
TO ENSURE A PLANNED AND ORDERLY TRANSITION PERIOD," HE SAID.
PRODUCED BY: PATIENCE MOATSHE 16-04-1998 10:11 SENS

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Source: JSE Securities Exchange - SENS
 
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