Changes to the board
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
CHANGES TO THE BOARD
In compliance with paragraph 3.59 of the JSE Limited Listings Requirements, Trencor announces that:
1. At the forthcoming annual general meeting currently scheduled for 7 June 2016, and with effect therefrom:
- Mr Neil Jowell will retire by rotation, but will not make himself available for re-election and, accordingly, will retire as chairman and executive director;
- Mr Cecil Jowell will retire as an executive director; and
- Mr David Morris Nurek, currently lead independent non-executive director, will be appointed as independent non-executive chairman in accordance with the board’s succession plans.
2. With effect from 1 March 2016:
- Mr Jimmy McQueen (currently financial director) is appointed as chief executive officer; and
- Mr Ricardo Antonio Sieni CA (SA) (currently financial manager with over 30 years of service to the Trencor group) is appointed as financial director in the place of Mr Jimmy McQueen. Mr Sieni has also been appointed to the executive committee.
3. Neil and Cecil intend to retire from the boards of all local and off-shore entities on which they serve, including that of Textainer Group Holdings Limited
(NYSE: TGH) (“Textainer”), in which Trencor has a 48,3% beneficiary interest.
Neil and Cecil, sons of the late Joe Jowell, Trencor’s founder, joined the company in the 1950s, have played a large role in the growth of the group from a small road transport business to a leading nationwide carrier, and from there have steered the company through a number of changes to adjust to changing circumstances.
In 1955 Trencor listed on the JSE. 1969/70 saw the branching out into road trailer manufacturing through the acquisition of Henred Trailer Manufacturing Company, which subsequently merged with Fruehauf South Africa to form Henred-Fruehauf Trailers.
1977 marked the beginning of manufacturing of dry freight marine cargo containers for the export market. This was later expanded to include the manufacture of folding flatrack containers and stainless steel tank containers. In 1979 Trencor commenced financing the sale of containers on long-term credit. The aggregate sales value of containers so exported from South Africa exceeded US$1 billion.
With the advent of globalisation and the freeing up of the South African economy, the focus shifted to the current core activities of the group in the marine container industry. Today, Textainer, operating since 1979, and listed on the New York Stock Exchange in 2007, is the world’s second largest lessor of intermodal containers based on fleet size, with a total fleet of more than 2,1 million containers, representing more than 3,2 million TEU (twenty foot equivalent units). Textainer leases containers to approximately 400 customers, including all of the world’s leading international shipping lines, and other lessees. It also sells containers to more than 1 100 customers and provides services worldwide via a network of regional and area offices, as well as independent depots.
The year 2015 marked two major milestones in Trencor’s history – 60 years of being listed on the JSE and 85 years since the business was started in Springbok.
The board extends its immense appreciation to Neil and Cecil for their wisdom, dedication and hard work over the period of some six decades. During their tenure Trencor was twice named Sunday Times top company and Neil and Cecil were each named Sunday Times businessman of the year.
Trencor Services (Pty) Ltd
25 February 2016
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)