Mr Price announces new board appointments

"We are very pleased to welcome Maud Motanyane, Sonja Sebotsa, Moses Tembe and Stuart Bird to the board," said Joint Chairman Stewart Cohen. "Each of them brings special skills to the board that will complement our current structure.

"Maud Motanyane was the founding editor of Tribute magazine and has extensive experience in television and advertising both locally and internationally. Sonja Sebotsa is a founding partner of Identity Partners and previously spent several years as an executive director of WDB Investment Holdings, and in the corporate finance team at Deutsche Bank where she was appointed a Vice President. Both Maud and Sonja have considerable experience in business, the empowerment of black women in South Africa and as board members of major public companies.

"Moses Tembe is an entrepreneur and director of several leading companies. He is President of the Durban Chamber of Commerce and Industry. He was previously an executive with the KwaZulu Finance Corporation and Secretary General of NAFCOC in KZN. Stuart Bird has been the Managing Director of the Mr Price apparel chain for the past seven years. After starting his career as a chartered accountant, he joined the group 15 years ago as a divisional financial director."

Roger Jardine has resigned from the board to focus on his new appointment as CEO of Aveng Limited and the board expressed its appreciation for the excellent contribution he had made.

The Group also announced that Alastair McArthur, would be appointed Deputy Chairman of the value retailing group while retaining his role as CEO.

"Alastair has been CEO since 1997 and while he will continue in this capacity, his task is to prepare for his succession at the appropriate time," said Joint Chairman Laurie Chiappini.

The group stated that McArthur's appointment as deputy chairman was part of the ongoing succession plan. It is anticipated that when Stewart Cohen and Laurie Chiappini, currently Joint Chairman, retire, McArthur will succeed them as Chairman.

Commenting on their future plans Chiappini said: "At this stage Stewart and I are both 63 and we continue to enjoy our involvement in the company with which we have been closely associated for 23 years. We still have significant stakes in the business and our intention is to retain our investment in the group and remain on the board as directors as long as we can make a contribution. However we do not want this young, vibrant business to grow old with us and the current succession plan will ensure an orderly change of leadership over the next few years. We are particularly pleased that Alastair sees himself as part of the long-term future of our group as it has always been our wish that the future Chairman also be a retailer."