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It has been reported that the CEO of ADvTech Ltd (ADH: SJ), Frank Thompson, is to step down from his position before the end of 2014. Mr Thomson has served as CEO since joining the company in August 2002.
The ADvTECH Group operates a number of ‘resourcing’ brands such as Brent Personnel, Cassel & Company, Communicate Personnel, Inkokheli HR Appointments, Insource.ICT, IT Edge, Network Recruitment, Tech-Pro Personnel and The Working Earth.
In a statement, the company advised that this extended notice period will facilitate an orderly and well-planned transition process in accordance with the Group's best interests and the requirements of sound corporate governance. The Board plans to make an appointment and implement a handover well in advance of Mr Thompson stepping down in order to ensure a smooth transition. Succession planning at senior levels of the business is a critical component of the Board's responsibilities and the time will be used to implement a rigorous selection process which will include both internal and external candidates.
Commenting on behalf of the Board, the Chairman, Leslie Maasdorp, said: "The Board expresses its warm appreciation of Frank's leadership of ADvTech over the past 11 years. During his stewardship, the Group has been transformed. Our schools and colleges continue to set the highest of standards and the Group now holds leading positions in the provision of education and staffing throughout South Africa. In signalling his intention to stand down by the end of next year, we are able to ensure an orderly and effective handover."
Frank Thompson said: "It has been a pleasure and privilege to lead ADvTECH over this time. We have a great team of professionals at every level in our group and I am very proud of all they do for our students and employment candidates. The Group's roll out of new investments, which now total R3 billion, will deliver exciting real growth through the next decade. I look forward to continuing working with my colleagues next year at the same time as we achieve a successful management transition."
In their most recent financial results, ADvTech reported increased revenue for the six months ending 30 June 2013. Mr Thompson commented at the time: “The improved revenue, margin, and operating profit achieved during the first half shows clearly the turnaround of our business. These results demonstrate the scale and strength of our business model and the relevance of our strategy amid challenging market conditions. We continue to strengthen our foundation for future growth.”