Stefanutti Stocks Holdings Limited announced that Kevin Eborall will retire as board chairman and a director with effect from 31 May 2019 as reported in the notice of annual general meeting which was posted to shareholders on 28 June 2018. Kevin has served on the board since 2007. Zanele Matlala, currently chairman of the Audit, Governance and Risk Committee, will be appointed as board chairman on 1 June 2019 and at the same time she will step down as chairman of this committee.

Zanele has been on the board as an independent non-executive director since 2012. Willie Meyburgh will retire from Stefanutti Stocks as CEO on 31 May 2019. Russell Crawford, currently Managing Director of the company's Construction & Mining business unit, has been appointed as CEO Designate, reporting to CEO Willie with effect from 1 July 2018.

This transitional arrangement will remain in place until 31 May 2019, when Russell's appointment as CEO and director of the company, will be formalized and take effect from 1 June 2019. This arrangement will provide a structured handover at a time when experience, industry knowledge and stability are essential to the continued success of the business. On 1 June 2019, Willie will be appointed as a non-executive director (non-independent) of the company.

This will ensure his institutional knowledge, wide experience in the construction sector and wise counsel are retained at board level.