Appointment of CEO CFO and non executive directors

Spur Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share code: SUR
ISIN: ZAE 000022653
(“Spur Corporation” or “the group”)


APPOINTMENT OF CHIEF EXECUTIVE OFFICER, CHIEF FINANCIAL
OFFICER, EXECUTIVE DIRECTORS AND INDEPENDENT NON-EXECUTIVE
DIRECTORS; CHANGE OF ROLE OF CHIEF FINANCIAL OFFICER

Appointment of chief executive officer
The board is pleased to announce the appointment of Val Nichas as an executive
director and group chief executive officer of Spur Corporation with effect from 1
January 2021.

Val (58) will succeed Pierre van Tonder who will be retiring from the group with
effect from 31 December 2020 after 38 years’ service.

Val is a highly experienced strategist who has extensive experience in the
restaurant sector and was formerly managing executive of Quick Service
Restaurant (QSR) Brands at Famous Brands, responsible for a portfolio of
franchised brands with over 600 restaurants across Steers, Fishaways and
Giramundo.

Starting her career in marketing and advertising, she has served as marketing
director of Edgars between 1994 and 1998, senior vice president of multinational
food company, Rich Products Corporation, and managing director of Tequila
Advertising. She has also consulted to Nando’s Chickenland and was one of the
leaders of the Nando’s advertising account team while at TBWA.

Val joined Famous Brands in 1999 as marketing director of Debonairs Pizza and
later served as managing executive of Wimpy (then 506 restaurants) and Steers
(then 492 restaurants) before her appointment as head of QSR Brands. Val has
run her own consulting business for the past eight years, specialising in business
strategy and planning. Her consulting clients have included companies in the
restaurant and food sectors.

Change of role of chief financial officer
Phillip Matthee, the chief financial officer (“CFO”) and an executive director of Spur
Corporation, has requested to stand down from his current position for personal
reasons and to take on a senior operational role within the group’s finance
department.

The board has reluctantly agreed to Phillip’s request and he will resign from the
board and as CFO with effect from 31 January 2021 and assume the role of
commercial accounting executive.

Appointment of chief financial officer
Cristina Teixeira has been appointed as chief financial officer and as an executive
director with effect from 1 February 2021, to replace Phillip Matthee.

Cristina (47) has 12 years’ experience as a CFO in listed companies and was voted
Businesswoman of the Year (corporate category) by the Businesswomen’s
Association of SA in 2013. After qualifying as a chartered accountant, she joined
Group Five and was appointed as CFO in 2008. She joined Consolidated
Infrastructure Group as CFO in 2019. Cristina has led finance teams that have
been consistently recognised in the Investment Analysts Society annual awards
for reporting and disclosure, and in the Institute of Chartered Secretaries/JSE
reporting awards.

Appointment of executive directors
The board also announces the appointments of Kevin Robertson (who is promoted
to group chief operations officer), Graeme Kiewitz (group human resources
executive) and Sacha du Plessis (chief marketing officer) as executive directors of
Spur Corporation with effect from 15 October 2020.

Kevin (54) has been with the group for 29 years. He was appointed as managing
director of Panarottis Pizza Pasta in 1999 and managed the group’s operations in
the UK from 2008 until 2011 when he was appointed as the national franchise
executive. Kevin was appointed chief operating officer of Spur Steak Ranches in
2018. As group chief operations officer, Kevin will be responsible for all of the
operations of the Spur Corporation’s 631 restaurants.

Graeme (50) has over 20 years’ experience in human resources management,
having held senior roles at Simba, Oceana, SANS Fibres and KAP International
where he was head of group human resources and a member of the transformation
and remuneration committee. Prior to joining the group in 2018 he was head of
human resources at Paarl Media Cape.

Sacha (43) has 20 years’ experience in marketing management and joined the
group in 2007 after seven years at Distell. He has served in senior marketing roles
within the group, including head of marketing for Spur Steak Ranches and
Panarottis Pizza Pasta, group marketing executive and as chief marketing officer
since 2019.

Appointment of independent non-executive directors
The board also announces the appointments of Jesmane Boggenpoel, Lerato
Molebatsi, André Parker and Sandile Phillip as independent non-executive
directors effective 15 October 2020.

Jesmane (47) BCom, BAcc (Wits) MPub Admin (Harvard), is a chartered
accountant with private equity, high technology and entrepreneurial experience.
She was formerly the head of business engagement for Africa for the World
Economic Forum, based in Switzerland, and she currently serves as a non-
executive director of EOH Holdings, Murray & Roberts and Dubai-based ETG
Inputs Holdco. She is Chairperson of fintech company Sybrin and is a director and
investor of AWCA Investment Holdings.

Lerato (51) BA (Psych) (UJ) PG Diploma in Rural Development and Management
(Wits), is a non-executive director of the SA Reserve Bank and deputy chair of the
large telecommunications company, the Adrian Group, in Kenya. She was formerly
CEO of General Electric South Africa, executive vice president of Lonmin plc and
held senior positions in corporate communications, public affairs and corporate
social investment in the Departments of Labour and Transport, Old Mutual and
Sanlam.

André (69) MCom (Stell), spent most of his career with the SAB/SAB Miller group
and was managing director of SAB Miller’s Africa and Asia portfolio for 10 years.
He is currently a non-executive director of Standard Bank, Distell (lead
independent director) and Carozzi SARL, a leading food company in Chile. He
previously served as chairman of Tiger Brands and Remgro’s TSB, and on the
boards of SAB plc, SAB Limited and AECI.

Sandile (38) BCom (NMU) BCompt (Hons) (Unisa), is a chartered accountant and
former non-executive board member of the SA Institute of Chartered Accountants.
He has recently been appointed as a non-executive director of the SA Post Office.
His business experience is mainly in the areas of structured funding and leveraged
finance in business banking at First National Bank, private banking at Investec and
financial management at British American Tobacco and Peninsula Beverages

Comment from Spur Corporation chairman Mike Bosman:

“Val has a proven track record in managing a variety of big restaurant brands,
backed by extensive experience in strategy in the corporate and consulting
sectors. She is an excellent and well-respected leader who has a thorough
understanding of the franchise restaurant industry and the board is confident that
she has the credentials to lead the group as our industry and economy face a
challenging future.

“We are pleased to appoint Cristina as our new CFO and believe that her deep
experience as a CFO in the listed environment will be most beneficial for the group.
She has demonstrated her ability to lead finance teams across diverse companies
and is committed to the highest standards of financial reporting, disclosure and
governance.

“On behalf of the board I thank Phillip for his contribution as CFO and as a director
over the past two years. We are pleased to have retained his services to ensure
continuity within the group finance department and he will be an invaluable
resource for our incoming CFO.

“We have increased the non-executive component of our board to strengthen our
board committees and to enhance governance oversight in support of the new
management team. The appointments of the additional executive directors to the
board acknowledge the group’s strategic focus on human and intellectual capital,
and operating efficiency, which we believe will be three key drivers of growth as
we adapt to operating in the changing consumer environment post Covid-19.

“Our new non-executive directors add great depth and diversity to our board with
their wide-ranging collective business, board and committee experience and we
look forward to benefiting from their counsel and business acumen.”

Board of directors
Following these appointments, the board will comprise the following directors with
effect from 1 January 2021:

Independent non-executive directors
Mike Bosman (Chairman)
Jesmane Boggenpoel
Cora Fernandez
Lerato Molebatsi
André Parker
Sandile Phillip
Shirley Zinn

Executive directors
Val Nichas (Chief executive officer)
Phillip Matthee (Chief financial officer until 31 January 2021)
Cristina Teixeira (Chief financial officer from 1 February 2021)
Sacha du Plessis
Graeme Kiewitz
Kevin Robertson

Board committees
The board committees, with the exception of the nominations and remuneration
committee, have been restructured and will comprise the following members with
effect from 15 October 2020:

Nominations and remuneration committee
Shirley Zinn (chair)
Mike Bosman
Cora Fernandez
Audit committee
Cora Fernandez (chair)
Jesmane Boggenpoel
André Parker
Sandile Phillip

Social, ethics and environmental sustainability committee
Lerato Molebatsi (chair)
Jesmane Boggenpoel
Shirley Zinn
Sacha du Plessis
Graeme Kiewitz

Risk committee
André Parker (chair)
Cora Fernandez
Lerato Molebatsi
Sandile Phillip
Graeme Kiewitz
Kevin Robertson
Pierre van Tonder (until 31 December 2020)

The Spur Foundation Trust
The board has also announced that Moshe Apleni, the group’s corporate
communications and transformation manager, has been appointed as the
chairman of The Spur Foundation Trust.

The trustees are as follows:
Moshe Apleni (chair)
Sacha du Plessis
Elaine Jacobs
Graeme Kiewitz
Patrick Lawson

Cape Town
1 October 2020

Sponsor
Sasfin Capital
A member of the Sasfin Group

Date: 01-10-2020 11:00:00
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