CEO Kgomotso Matseke to leave KTH31 August 2011
The Board of Kagiso Tiso Holdings (KTH) announces that Kgomotso Matseke, CEO, will leave the company at the end of November 2011. Following the successful conclusion of the merger between Tiso Group and Kagiso Trusts Investments, Matseke has indicated his wish to pursue his own interests. The Board regretfully accepts his decision.
The Board has nominated Vuyisa Nkonyeni to lead the executive management team in his current role as Deputy CEO. In addition, the Board has asked KTH co-chairman Nkululeko Sowazi to take on short term executive responsibilities to support the executive team.
Matseke played an important role in the creation of KTH. As a direct result of the merger, KTH has a strong capability and depth in management. Matseke has agreed to work with the management to ensure a smooth transition.
KTH director Kgotso Schoeman, speaking on behalf of the Board, said "I would like to thank Kgomotso for his leadership in the merger and to wish him well in his future endeavors. The Board of KTH has absolute confidence that Kgomotso leaves behind an excellent executive management team that is committed to building a South African investment champion that will deliver exceptional capital and dividend growth, while staying true to the KTH values of sustainable and broad based value creation."
Matseke said, "The creation of KTH is a major milestone for black controlled and run businesses in South Africa. It is an excellent platform, with solid assets, a strong balance sheet and a good team. I am proud to have played a role in the conclusion of the merger. It feels like an appropriate time to consider the next chapter of my career."