New management reporting structure

Earlier this year Famous Brands embarked on a programme aimed at sustaining robust growth of the business over the forthcoming decade. One of the more significant interventions relating to this programme has been the implementation of a business transformation project, which has already started to deliver encouraging results. Phase 2 of this project focused on the leadership structures of the business. In this regard, effective 1st January 2014, Chief Executive Officer, Kevin Hedderwick’s designation will change to that of Group Chief Executive Officer. His primary responsibility will be Group Strategy with an overarching focus on future growth of the business and unlocking further value for stakeholders. Consequently, Darren Hele, currently Chief Operating Officer, will be appointed as Chief Executive Officer, assuming responsibility for the operational component of the business currently managed by Kevin Hedderwick. Commencing on 1st January 2014 through to end February 2014, Kevin Hedderwick will conduct a formal handover of his current portfolio to Darren Hele thereby aligning this change of responsibilities with the commencement of the Group’s F2015 fiscal year. Both Mr Hedderwick and Mr Hele will formally assume their new roles effective 1st March 2014. Kevin Hedderwick comments, “Darren’s appointment is not only well-deserved, but reward for his untiring commitment to the Group since he joined us from the Pleasure Foods business which we acquired in December 2003. I could not be handing over my current portfolio in the Group to a more competent and professional colleague – and someone who is also an exceptional leader.” On behalf of the Board, Ms Santie Botha, Independent Chairman, says, “Famous Brands has achieved consistently good growth over recent years. Given the Group’s ambitious expansion plans, this new management structure is designed to optimise future growth opportunities under Kevin’s visionary leadership, while ensuring that existing operations continue to perform at their peak under Darren.” Midrand 11 November 2013 Sponsor: The Standard Bank of South Africa Limited