Chief executive’s contract extended

JSE-listed Howden Africa Holdings Limited (HAHL) has extended the contract of its chief executive, Thomas Bärwald, to the end of May while the company’s new boss gets on his feet. The company said yesterday its remuneration, nomination, social and ethics committee, together with the board, had agreed that Bärwald would assume a combined role as the chief executive of HAHL, Howden Australia and Howden South-East Asia.The company said it had appointed Willie Thomson as an alternative director to Bärwald and chief operating office effective from February. “In the interim, Mr Bärwald will commence the ‘handover’ and mentoring of Mr Thomson, who will effectively become the chief executive of HAHL once Mr Bärwald’s contract ends in May 2016,” the company said. “Mr Thomson will be contracted for a period of two years. In the longer term, HAHL shall endeavour to develop a South African person into this role.” Howden Africa’s shares on the JSE climbed 2.73 percent to close at R28.25, which valued the company at R1.9 billion. – Sechaba ka’Nkosi