“Marius will continue to serve as CEO of the company until his retirement. Basil Read has initiated the necessary processes with regard to the appointment of a successor for Marius as CEO of the company,” Basil Read said in a statement.
[DATA BSR:Basil Read Holdings Limited] is an engineering and mining company based in South Africa. The group, which released results yesterday, reported revenue growth of 15 per cent for the year ended 31 December 2013.
(READ MORE: Renewed focus returns Basil Read to profitability)
Terence Desmond Hughes, the managing director of Basil Read Developments, has been appointed as interim CEO with effect from 1 June 2014. Hughes has 43 years’ experience in the industry, and has been with Basil Read for the last 13 years.
“Basil Read has a strong and capable management team that will assist in ensuring that the appropriate business focus remains in place during the period when the process of seeking a successor for Marius takes place,” said Basil Read.