ADCORP HOLDINGS LIMITED - Changes to the Board

Changes to the Board

ADCORP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1974/001804/06
Share code: ADR & ISIN: ZAE000000139
("Adcorp" or "the Group" or “Company”)

CHANGES TO THE BOARD

In accordance with paragraph 3.59 (a) and (b) of the JSE Limited Listings Requirements,
Adcorp Group’s Board of Directors (“the Board, the Group or the Company”), a South African
business leader in building workplace solutions and careers of the future, would like to
announce the appointment of Dr John Peter Wentzel as the new Chief Executive Officer, with
effect from 1 April 2021. John will replace Phil Roux, who joined the Group in April 2020 as
CEO, charged with stabilizing the Company and developing a sustainable performance
platform. Phil’s term is planned to end on 30 April 2021.

When the Board appointed Phil in April 2020, it was a common understanding by both parties
that Phil would serve in a short-term capacity, given the task at hand and his preference for
the FMCG industry. The Board, as a consequence, was obliged to commence the search for
a permanent Chief Executive Officer soon after his appointment. The latter provides context
to the appointment of Dr. John Peter Wentzel as our next Chief Executive Officer, thereby
ensuring a seamless transition, given the excellent work that Phil has accomplished, until the
stated departure date above.

Whilst Phil will continue to serve as the CEO until April 2021, the Board would like to
acknowledge and thank him for the phenomenal turnaround efforts in the Group to date. What
the Board believed would require two years to accomplish, has been achieved by Phil and his
leadership team within a much shorter timeframe, notwithstanding tough economic conditions
exacerbated by the COVID-19 19 pandemic. Some significant milestones achieved include
inter alia:

   •   A renewed focus on our customers;
   •   Successful structuring of the new BEE deal for the Group;
   •   Improving the cash generation thereby reducing the net debt by 47%;
   •   Completing the sale of non-core operations, including FMS and Dare;
   •   Developing Corporate Strategy and enhancing governance structures of the Group;
       and
   •   Achieving significant cost reduction, rationalisation and efficiency initiatives across the
       Group.


The Board wishes to extend its gratitude to Phil for his exemplary leadership during a
challenging time and achieving success notwithstanding.

Dr John Wentzel is an experienced business executive with more than 15 years of experience
in the Retail and Workplace Management Solutions sectors. He has a genuine passion for the
industry and is committed to advancing and innovating within the sector. John is currently the
Chief Executive Officer at Tsebo International, a globally recognised Integrated Workplace

Management Solutions provider, overseeing its operations in 21 African countries. Previous
executive roles at the Tsebo Group included Chief Commercial Officer, where he drove
customer value and the growth agenda, and Chief Executive Officer of the Facilities Solutions
division. He further served as Chief Information Officer and Chief Operating Officer for large
listed and unlisted companies. He has a penchant for human capital development and is
committed to using training and development as a catalyst for growth and achievement of
human potential whilst delivering customer value.

The transition and handover will occur during April 2021, with John leading the organisation
in accordance with the revised Strategy that focusses on growth, customer centricity and
efficiency in a sustainable manner. The Board believes that the business is on a positive
trajectory and will be able to meet all its commitments and deliver on its long-term strategic
intent.



Johannesburg
21 December 2020

Sponsor
PSG Capital

Date: 21-12-2020 10:00:00
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