5th Dec 2008 09:00
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Immediate Release |
5 December 2008 |
CENTRAL RAND GOLD LIMITED
CENTRAL RAND GOLD LIMITED APPOINTS NEW CEO
Johan du Toit to lead CRG through next stage of development; Greg James to remain as non-executive director of operating company
Johannesburg, December 5, 2008……..Johan du Toit, currently the company's Financial Director, has been appointed Chief Executive Officer of Central Rand Gold Limited ("CRG" or "the Company") with effect from today, succeeding Greg James, CEO since October 2006. This appointment was made by the Company at its board meeting in Dubai today.
Greg James will remain a non-executive director of CRG South Africa Ltd, CRG's operating company, and maintain a strong involvement in the Company's relationships with community groups and other stakeholders.
Johan du Toit, a chartered accountant, held senior management positions at BHP-Billiton and the Standard Bank group before joining CRG in mid 2008. He headed up the South African and European Financial Shared Services for BHP-Billiton, where he gained considerable insight into managing large scale processes and mining operations, before joining CRG. His role also included delivering all aspects of financial management and reporting.
Commenting on CRG's change in leadership, chairman Alastair Walton said Johan du Toit's appointment fitted the Company's strategy of progressing to commercial gold mining in 2009 and then moving towards achieving its production and financial goals over the coming years.
"Greg and I started our CRG journey together in July 2006 with the vision of bringing gold mining back to the Central Rand Goldfield. Over the past two and a half years, Greg has put his all into the Company and the communities in which it operates," he said.
"As part of an agreed succession plan, Greg and the Board worked with international executive search firm Heidrick & Struggles to find a suitable candidate to take the Company to the next level. In addition, the Board considered internal candidates with the result that Johan du Toit was selected as the strongest and most appropriate person for the position."
Johan du Toit recently accompanied Greg James on an international investment road-show and is familiar with the Company's investor base. An announcement on a new Financial Director will be made in due course.
Paying tribute to Greg James' contribution to CRG, Alastair Walton said he had managed the Company through its vital start-up period which included: raising more than 100 million pounds sterling in conjunction with the Company listing on the London and Johannesburg stock exchanges in November 2007; the application for and granting of its initial New Order Mining Right; building strong relationships with communities and the Department of Minerals and Energy; commencing trial mining; and achieving the company's first gold pour.
"He has seen the Company grow from around 10 people to a staff of 250 and has realised the vision that we shared together. Yesterday, Greg and I had the privilege and pleasure of witnessing the Company's first gold production. This could not be a greater testimony to Greg's effectiveness as CEO over the last two years. Furthermore, Greg has built a strong culture of tolerance and respect within the Company which will be his enduring legacy."
"The Board is delighted that he will be maintaining a strong interest in and involvement with the Company and its communities. The Board is also pleased to have found someone as experienced and as appropriate as Johan to succeed Greg and lead the Company through its next stage of development. "
Ends
For further information please contact:
Central Rand Gold +27(0) 11 551 4000
Alastair Walton
Enquiries:
Buchanan Communications Limited +44 (0) 20 7466 5000
Bobby Morse / Ben Willey
Evolution Securities Limited +44 (0) 20 7071 4300
Simon Edwards / Chris Sim / Neil Elliot
Jenni Newman Public Relations (Pty) Ltd +27 (0) 11 772 1022 / +27 (0) 82 8828888
Jenni Newman / Megann Outram
Macquarie First South Advisers (Pty) Ltd +27 (0) 11 583 2000
Thato Morojele / Annerie Britz
Related Shares:
Central Rand Gold