JSE-listed Long4Life, which has reported a pleasing operating and financial performance for the six months ended August 31, has announced that Brian Joffe will relinquish his position as CEO at the end of the 2022 financial year, at which time he will take over as chairperson.
Current chairperson Graham Dempster will then move to the deputy chairperson post.
"The board is delighted that Brian will continue to participate in the company’s future in a strategic role and that Long4Life will continue to be guided by both Brian and Graham’s superb leadership and remarkable experience," Long4Life comments.
The company's board has started a process to identify a new CEO.
Meanwhile, Long4Life posted headline earnings of R143.1-million for the six months under review, which translated into headline earnings per share (HEPS) of 22.5c.
HEPS were up 2 713% from the 0.8c reported for the six months ended August 31, 2020, and 55% higher than the HEPS of 14.5c reported for the six months ended August 31, 2019.
Revenue of R1.8-billion was in line with that of the comparable period in 2019, and 30% higher than the R1.4-billion in revenue reported for the comparable period in 2020.
The group generated operating cash flows of R288-million and the balance sheet remained solid, with a cash balance of R667-million as at August 31.
Long4Life says it remains cautiously optimistic about the prospects for the remainder of the financial year and is confident of the group’s ability to execute in terms of its strategic imperatives.