Hudaco CEO to retire amidst AGM results release - CNBC Africa

Hudaco CEO to retire amidst AGM results release

Southern Africa

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Hudaco Industries Limited specialises in the importation and distribution of industrial and electronic products. PHOTO: Getty Images

Connelly, who has been CEO for 22 years, will be replaced by Graham Dunford, currently chief executive of the bearing and power transmission division, with effect from 1 July 2014.

“Connelly will serve as a consultant until the end of the 2014 financial year in order to ensure a smooth transition and will remain on the board as a non-executive director thereafter,” [DATA HDC:Hudaco Industries Limited] said.

“The board thanks Connelly for his contribution to the group during his tenure as CEO and wishes him good health in his retirement.”

The group, which specialises in the importation and distribution of branded industrial and electronic products, also announced the results of its annual general meeting (AGM) on Thursday.

“We indicated that we were optimistic about our ability to grow comparable earnings in 2014. This optimism was based on: cost reductions effected in 2013, the positive effect of the depreciation of the rand over the past year, growth in mining activity in neighbouring countries and the expected contribution to earnings from acquisitions which are settling in well,” Connelly said.

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“Unfortunately, in February the underground platinum mines in Rustenburg were not operating due to the AMCU strike. We estimate that between seven per cent and eight per cent of group sales go directly and indirectly into the platinum mines. We remain optimistic that these factors will be positive for earnings over the full 2014 financial year.”

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