Mon, 17 May 2021

Tile and bathroom fixture retailer Italtile has announced that CEO Jan Potgieter will the leave the company at the end of the year after eight years at the helm.

Potgieter. who plans to emigrate to Europe, will however, remain in the company as a non-executive director of the board.

Lance Foxcroft, who is currently heading the company's Ceramic Industries division will succeed Potgieter in January next year, in what the company said would be a culmination of a succession plan developed over the past five years.

The chairperson of the board, Gianni Ravazzotti, lauded Potgieter for inculcating a "retail excellence culture which has underpinned consistent and impressive turnover and profit growth, doubled the store network, and ensured our brands are market leaders in their segments".

Italtile's share price has rocketed by 70% over the past year, and it reported in April that it had lifted retail store sales by 18.5% as the company posted bumper profits amid a DIY boom during the lockdown.

Potgieter said the company was ready to enter the second phase of its growth strategy, which is focused on building manufacturing capacity to meet growing demand for our products both in South Africa and the rest of Africa.

"The severe disruption of global supply chains caused by the Covid-19 pandemic has endorsed our belief that having total control of our own supply chain is critical."

He added that Italtile's robust performance during the pandemic was testament to the advantage derived from its integrated manufacturing capability.

The Chief Operating Officer of Ceramic, Tshepo Molefakgotla, will step up to the CEO role at Ceramic Industries to replace Foxcroft, the company said.

Source: News24

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