WHL - Woolworths Holdings Limited - Country Road - departure of Chief Executive
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1929/001986/06
Share code: WHL
COUNTRY ROAD - DEPARTURE OF CHIEF EXECUTIVE OFFICER
Country Road Limited (CTY) ("Country Road" or "the company"), a subsidiary of
Woolworths Holdings, listed on the Australian Stock Exchange, today announced
the departure of Chief executive officer John Cheston due to irreconcilable
differences with the Board over the future direction of the company.
Country Road's Chairman, Simon Susman, said, "The differences regarding the
future path of the business were fundamental in nature and were not capable of
resolution. The situation is regrettable but the Board is unanimously of the
view that this is the best course of action to maintain the momentum and future
growth of the business.
Our operating strategies remain unchanged. We will continue to focus on our
store rollout strategy for our two brands, whilst continuing to review and
implement cost saving initiatives."
13 September 2010
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 13/09/2010 11:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.