Italtile CEO to retire in planned move to Europe

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Italtile CEO to retire in planned move to Europe

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Published Date: 2021-05-04 | Source: Stephen Gunnion | Author: Stephen Gunnion

Italtile CEO to retire in planned move to Europe

The company has already named a replacement due to a succession plan that has been five years in the making.

Italtile CEO Jan Potgieter will retire at the end of the year in order to emigrate to Europe. He'll remain on the company's board as a non-executive director.

The tile and sanitaryware manufacturer and retailer said Lance Foxcroft, current CEO of its Ceramic Industries subsidiary, would assume the position of CEO-designate on 1 July and would replace Potgieter as CEO on 1 January 2021. Tshepo Molefakgotla would succeed Foxcroft as CEO of Ceramic effective 1 July. Molefakgotla is currently chief operating officer of Ceramic.

Italtile chairman Gianni Ravazzotti said under Potgieter's eight-year tenure as CEO the group had established a solid foundation for the business to build on under Foxcroft's leadership. Potgieter had inculcated a retail excellence culture which had underpinned consistent and impressive turnover and profit growth, doubled the store network, and ensured its brands were market leaders in their segments.

Potgieter said Italtile had achieved its goal of being the best retailer of tiles and sanitaryware in Africa with its strategy of ensuring it controlled and optimised the shopping experience from factory gate to its customers' homes by establishing a powerful retail structure underpinned by a formidable integrated supply chain. In the first phase, implemented over the past five years, the group had built a strong retail platform by embedding retail expertise and experience in every element of the business. The group was now now ready to enter the second phase, focused on building manufacturing capacity to meet growing demand for its products in SA and the rest of Africa.

In a sales and trading update last month, Italtile said if prevailing trading conditions continued until the end of June it expected earnings and headline earnings per share for the year to be at least 70% higher than last year.

The company's shares closed 0.4% down at R17 yesterday.





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