The R8 billion-a-year Altron group, one of the largest and fastest growing telecommunications, multimedia, information technology, power electronics and financial services groups in Africa, is being reshaped with dynamic, operational management to drive its technology, products and people into the world of global opportunities.

Altron’s orderly succession programme is in line with the group’s restructuring process, announced in July last year, and is largely aimed at simplifying the group’s structure and enhancing shareholder value. To date, Altron has sold its minority interest in Telemetrix PLC, acquired Anglo’s 30% shareholding in Ventron, delisted Ventron and Autopage and concluded a successful rights issue in USKO (soon to be renamed the Bytes Technology Group). In addition, it has been announced that the IT assets of Fintech will be transferred to Bytes.

At a media conference held in Johannesburg today, the Chairman of Altron, Dr. Bill Venter said that the group’s decision to significantly restructure its management with younger, knowledge-based team players would secure its position as a growth leader in the telecom, multi-media and IT sectors, thus capitalising on the convergence of these technologies in the 21st century. It would also ensure that Altron retained its leadership role in the transformation of South Africa’s new age high technology systems, solutions, internet and e-commerce industries.

Dr. Venter said he was more excited about the composition of the new Altron team and the transformation of the group than almost any other occurrence in the group’s business activities since its formation 35 years ago.

He went on to say: "This new management transformation process will place Altron in an excellent position to produce a leaner and more focused multi-cultural group while continuing to maintain its high ethical standards and powerful traditions. Quite simply, my vision for Altron is evolutionary rather than revolutionary."

Of significant importance was the decision to split the Altron Chairman and Chief Executive Officer positions (which were both previously held by Dr. Venter) and to give younger management more operational responsibility. This is in line with international trends as well as with the group’s adherence to corporate governance procedures. "In this regard, a list of candidates was recommended to the Altron Board and various stakeholders. A final decision was then made on these key management appointments." said Dr Venter.

As a result, Robert E Venter, 40, has been appointed Chief Executive Officer of Altron, reporting to Dr. Venter, who retains the Chairmanship of the group.

Robert Venter said, "I am looking forward to working with a team of experienced and committed leaders to continue Altron’s path of focus and simplification of structure. This is a process and not an event which, I believe, will yield enhanced shareholder value for the shareholders of our listed entities."

In line with the appointment of a CEO for Altron, a new Executive Committee has been formed to take the responsibility for the day-to-day operations of the group, which will include mergers and acquisitions, globalisation, strategies for future growth and investor relations.

The Executive Committee, under the chairmanship of Robert Venter, will comprise:
Altron’s Chief Financial Officer, Gavin Rochussen, 41, who has also been appointed Chairman of Titan International Holdings (London), Altron’s offshore operation in the United Kingdom. Gavin retains the post of Chairman of the Altron Group Pension fund.

Craig Venter, 38, retains the position of Chief Executive Officer for the Altech group, Chairman of the Autopage group and Chairman of the UEC Multimedia group. Altech achieved compound annual growth of 34 per cent in headline earnings per share over the past four years and is the largest contributor to Altron.

David Redshaw, 58, remains Chairman of Fintech as well as Executive Chairman of Usko, ( to be renamed the Bytes Technology Group).

Ian Pennel, 53, has been appointed Chief Executive Officer of Fintech. Ian was formerly Chief Executive of Technologies Acceptances, the capital financing arm of Fintech, which now forms the core part of the restructured Fintech group.

Norbert Claussen, 40, has been appointed Chief Executive Officer of the Powertech group. Norbert was previously the Chief Executive of the Powertech Battery Group which has grown significantly over the last five years under his leadership. He has also been appointed to the Powertech Board.

Adv. Dali Mpofu, 38, continues as the Altron Group Executive Director, Corporate Affairs and a main Board Director of Altech and Powertech, and

Peter Curle, 55, who remains as Director of Altron and Executive Director, Corporate Finance of Altech.

Dr Venter said these important changes are effective on 1 March 2001.

In addition, Dr Venter announced that a new "Office of the Chairman" has been established comprising himself, as Chairman, with Dr Harold Serebro and Deon Trollope as executive directors. Their extensive managerial experience will be invaluable to the group.

"Our duties will take on an important advisory and mentoring role and will ensure an orderly transition of management, give guidance, and build corporate and industry relations world-wide," said Dr Venter. "This will include top level contact with government and our participation in providing support for the group’s growth strategies."

He added that members of the Office of the Chairman would relinquish many of their day-to-day operational responsibilities and will oversee the group’s globalisation, its structure, empowerment initiatives as well as its corporate relations programmes.

Dr Venter added that Altron would change the future orientation of the group to a corporation that would rely on the most valuable resource there is - people and brainpower. "It is our aim to grow our organisation on an unrestrained knowledge-base that will be capable of networking across global, cultural and geographic borders."

Dr Venter said, "The market has already responded favourably to the initial restructuring steps taken over the past few months and together with good operating performance from our subsidiaries, more than R 1,5 billion has been added to our total group market capitalisation. Since the commencement of the restructuring process, the Altron share price has substantially outperformed the increase in the All Share Index. This process of value creation will continue."

Commenting further, Robert Venter, said, "Our vision is that, with high business ethics, enhanced empowerment and an unrestrained knowledge base, Altron will strive for world class products and services to make our customers more competitive in a networked world. We are realigning our activities to become a totally customer-centric organisation. Altron is embracing this concept not only at the helm but throughout the organisation."

Issued by the Altron Group Communications Division:

Contact Numbers for this release:
Dr Bill Venter: 011 645 3600
Robbie Venter: 011 706-7408