Retirement and appointment of chairman
1 April 2009
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 Magwazaas 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, JBMagwaza 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 ofZululand. He holds numerous other qualifications including an MA Industrial Relations from Warwick University in the United Kingdom.
1 April 2009