Richard Pike resigns from Adcorp with immediate effect

Larry Ettah

Adcorp Holdings Limited said its Board of Directors and Mr Richard Pike have mutually agreed to separate with immediate effect, and Mr Pike has, therefore, resigned as the Chief Executive Officer and a director of Adcorp with effect from 31 July 2017.

In addition, the Board and Mr Nelis Swart have mutually agreed to separate with immediate effect, and Mr Swart has, therefore, resigned as the
Chief Operating Officer (“COO”) of Adcorp with effect from 31 July 2017.

The Board would like to thank Mr Pike and Mr Swart for their many years of dedicated service to Adcorp.

The Board has finalised the selection of the new CEO and his identity and start date will be communicated once he has finalised his exit arrangement with his current employer. In addition, the Board has appointed Mr Mark Jurgens, the current Global Executive for the Professional
Services division within Adcorp, as the COO and an executive director of Adcorp.

Mr Jurgens is a senior executive with extensive local and international experience. Having joined Adcorp through the acquisition of Paracon in 2011, he led the growth of the Professional Services division globally where he was responsible for the turnaround of various businesses in the group.

Prior to joining Adcorp he founded and listed Paracon on the JSE where he held the position of CEO while gaining extensive experience in operations management, acquisitions & integrations, strategic planning, leadership development, change management, investor and shareholder relations. He has demonstrated his ability to consistently drive performance in his leadership role within Adcorp and his experience equips him well for his new position in the group.

The Board welcomes Mr Jurgens in his new role and looks forward to his contribution to the Group.

Mr Jurgens will take up the role as acting CEO with effect from 1 August 2017 until the start date of the incoming CEO. In addition, the current Chief Financial Officer, Ms Cheryl-Jane Kujenga will be appointed as the acting COO with effect from 1 August 2017, in addition to her
responsibilities as the CFO until such time as Mr Jurgens assumes the role of COO.

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