Novus Holdings Limited announces Mr. André van der Veen, a non-executive director, has been appointed as Executive Chairman to the Board for a period of six months with effect from 1 April 2023 whilst the Company engages in the process of identifying and appointing a suitable candidate for the CEO replacement. The decision to appoint Mr. van der Veen was informed by the following considerations: the need to ensure a seamless leadership transition that balances both the current and future leadership requirements of the business; continuity of the current strategy that is focussed on return on assets and total shareholder return; the prioritisation of the integration of Maskew Miller Learning into an appropriately structured Group; the consideration of an effective and efficient governance framework and business model; and to ensure that the appropriate skill and expertise is retained at board level given the retirement of the CEO and Chairman. Mr. van der Veen has previously held the positions of CEO and Chairman of rapidly growing companies and companies with changing business strategies.

Ms Lulama Mtanga, an independent non-executive director, has been appointed as the Lead Independent Director with effect from 1 April 2023. Ms Mtanga, who has served Novus since 2017, is the Chair of the Social and Ethics Committee and a member of the Audit and Risk Committee. Previously a partner at Bowmans, she is an experienced competition lawyer who runs her own Competition Law consultancy.

Ms. Mtanga has extensive experience with the Competition Commission in various capacities. Ms. Marang Mashologu has been appointed as an independent non-executive director with effect from 1 April 2023. Ms. Mashologu is a director and shareholder at Sphere Holdings Proprietary Limited ("Sphere"), an established mid-market investment company.

Sphere is an investor in the Maskew Miller Learning business, and Ms Mashologu brings with her meaningful experience of Maskew Miller Learning's history. She is a CFA charter holder and an independent non-executive director of Chubb Insurance South Africa Limited, the South African subsidiary of Chubb Limited and The Spar Group Limited. Ms. Mashologu is a member of the Aspen Global Leadership Network and fellow of the inaugural class of the Finance Leaders Fellowship Program.

As a result of the aforementioned Board changes, Mr. Adrian Zetler will replace Mr. van der Veen as Chair of the Human Capital Committee with effect from 1 April 2023.