RCL FOODS – BUSINESS RESTRUCTURE
Further to the Group financial results announcement for the year ended 30 June 2014, released on the Stock Exchange News Service on 27 August 2014, shareholders are now advised of the RCL Foods Board”s proposed implementation of a top level restructure within the RCL Foods Group.
To date, the Group has been structured around the statutory companies of Foodcorp, Rainbow, TSB and Vector. The Board has resolved to restructure the Group into the logical business clusters of “Consumer” (which includes Rainbow and Foodcorp”s Grocery, Beverages, Pies and Speciality divisions) and “Sugar & Milling” (which includes TSB, Rainbow”s Feed division Epol and Foodcorp”s Milling and Baking divisions). Vector will continue to operate as a standalone business, ultimately responsible for all of the Group operations” route to market. The restructure will be effective from 1 January 2015 and the Board is confident that it will facilitate the delivery of the Group”s strategy to build an African food business of scale.
Scott Pitman, currently MD of Rainbow, has been appointed MD of the Consumer division and John du Plessis, currently MD of TSB, has been appointed MD of the Sugar and Milling division. Cliff Sampson, currently MD of Foodcorp, has elected not to accept a position within the restructured RCL Foods Group and, as such, will leave the business at the end of December 2014. The Board would like to take this opportunity to thank Cliff for his leadership and commitment to Foodcorp and RCL Foods over the past years and wish him well for his future endeavours.