Basil Read CEO retires

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Basil Read chief executive officer Marius Heyns has advised the group's board of directors of his intention to retire.

“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.