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News Article - General

Wakeford joins mining board


Posted on: Thursday, 10 November 2005. Article source: The Herald

ECDC boss Kevin Wakeford has been appointed as an independent, non-executive director of one of the country’s oldest mining companies, Simmer and Jack.

His appointment was announced late last week as part of the mining group’s board restructuring.

The company embarked on a restructuring process in November last year that involved a recapitalisation and revamp to ensure future sustainability.

“It is a huge challenge, obviously. It is my first independent directorship role at JSE level, but I find it very exciting,” Wakeford said.

“I am enormously challenged by the appointment, and I think people will experience my usual robust approach to issues of corporate governance.

“I am there to protect the shareholders and uphold good corporate governance.”

This could be key to the future of the group which is considered a marginal miner that has experienced recent turmoil as it was extricated from the convoluted Kebble mining empire.

Roger Kebble is still executive chairman of the company.

Wakeford said he had received permission from ECDC chairman Robbie Mopp to take up the board position.

Wakeford had tendered his resignation from his position as CEO of the development corporation earlier this month, but retracted it shortly thereafter at the behest of premier Nosimo Balindlela.

Interestingly, the Simmer and Jack board has strong Eastern Cape influence.

Nigel Brunette, a director of the East Cape Agricultural Co-operative and Sugar Beet RSA, was appointed last week alongside Wakeford, while Archie Mkele was appointed earlier this year as a result of an empowerment deal.

Mkele’s Vulisango Industries also holds a 25% stake in Continental Tyres, based in Port Elizabeth.

 
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