CEO Resignation due to health reasons, 17 October, 2016
Johannesburg, South Africa – Monday 17 October 2016: Oakbay Investments announces CEO resignation due to health issues.
Oakbay Investments ("Oakbay") announces the resignation of its Chief Executive Officer, Nazeem Howa, with immediate effect.
After a period of illness, Mr. Howa has stepped down from his duties at Oakbay due to health issues and medical advice.
Ronica Ragavan, the current Financial Director of Oakbay, will assume the role of Acting Chief Executive Officer, whilst the Company searches for a permanent successor.
Oakbay wishes to thank Mr. Howa for his outstanding contribution to the Company since joining in 2010.
Ronica Ragavan, Acting Chief Executive Officer of Oakbay Investments, said:
"Nazeem has been a outstanding Chief Executive for Oakbay and embodied the company's philosophy of hard work, innovative thinking, job creation and disruption where disruption creates value."
"We wish him the very best in his recovery."
Nazeem Howa said:
"It has been a honour and a privilege to lead such a talented group of co-workers. In time, Oakbay will be recognised as the type of company South Africa needs: innovative, job-creating, tax paying and law-abiding. I look forward to that day."
Notes to Editors:
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About Oakbay Investments and the Gupta family
Oakbay Investments (oakbayinvestments.co.za) has invested more than R10 billion in South Africa. Oakbay Investments is 100% transparent - all numbers have been verified by one of the world’s most respected accountancy firms.
The Gupta family has a 23-year history of strong business performance and turnaround skills. This strong performance has come almost entirely via successful activity in the private sector, with less than 1% of the Group’s revenue coming from government contracts.
Sector diversification has also enabled Oakbay companies to deliver consistent growth and job creation throughout times of both economic boom and bust. For example, 47,000 jobs have been lost in South Africa’s mining sector between 2012 and 2015. In contrast, Oakbay’s mining companies have created 3500 of jobs in the sector.
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The Welgevonden Private Game Reserve is the result of a pioneering project that begun in 1987 to return farmland to its original natural state. As a result thereof, it has grown to become one of South Africa's premier privately held reserves. Ambitious game relocation efforts and careful ecological management have resulted in a reserve today that is home to the Lion, Leopard, Elephant, White Rhino, Cheetah, Brown Hyena, 15 different types of buck, and 30 other species of mammal.
Clifftop Lodge is 3 hours by road from Johannesburg, easily accessible, and bears unparalleled beauty and excellent cuisine and a wine cellar for private dining.
The New Age newspaper is a South African national daily newspaper, owned and operated by TNA Media (Pty) Ltd, the first to be launched by the group on 6 December 2010. The New Age comprises of 32 full colour pages printed in broadsheet format, it is printed in three separate locations and sold daily at R3.50.
Its signature voice is one of optimism. The paper launched into the South African newspaper market with an interest to focus on the positive side of news and yet be critically constructive,covering national events, op-ed columns, politics, Africa, International news, sports, business, entertainment, lifestyle, science, technology and marketing.
Bennett Coleman & Co. Ltd. which publishes the world's largest English daily newspaper, The Times of India (TOI), is an important investor and strategic partner. The company is an advisor and offers support to TNA Media in all areas of its operations, drawing from its 172 years of experience in the newspaper business and from the depth of management of printing over four million copies a day.
The New Age launched with a number of firsts and continues to be innovative in its market offering.
The New Age has continued its astounding growth in readership, as announced in the latest industry-wide print survey. In figures released by the South African Audience Research Foundation (SAARF), The New Age recorded a 24.5% growth in its All Media Products Survey (AMPS) in the period from July to December 2013. This follows the paper's full-year growth of 64 percent in the period from July 2012 to June 2013.
The latest survey results provide irrefutable proof that the paper's strategy -- of critical journalism underpinned by a philosophy of optimism about the country's future -- is working. The paper's growing national footprint, with a particular focus on provincial coverage, underpins the strategy. On 1 April 2014 The New Age launched a Northern Cape edition following the successful launch of editions in the Western Cape, Kwa-Zulu Natal and the Free State the previous year. A full national roll-out of provincial editions is currently on the cards.
Editor Moegsien Williams said it was apparent that the paper's approach to reflect South Africa and its society more fully and comprehensively, was a major factor in the paper's growth. "I now have no doubt that South Africans are tired of the relentless portrayal of the country as a failed state and the staple diet of crime, guts and gore on front pages. While we are mindful and pursue vigorously our fundamental watchdog role over those who wield power, it is necessary to make a virtue of the fact that regardless of the many challenges, South Africa is making sterling progress."
This was a view scientifically proven by the 2011 Stats SA survey and independent research done by Goldman Sachs but not reflected in our media, Williams said. "It's my sense South Africans are sick and tired of editorial content that leads to a daily state of depression. They are also looking for upliftingnews, balanced opinion and journalism that champions the causes of ordinary people and the country."
Group CEO Nazeem Howa attributed the paper's growth to innovation and reaching into new markets. "Our consistent growth can be attributed to a strategy of keeping our existing subscribers and readers happy and reaching out to the newer markets. The latest AMPS readership numbers clearly show this strategy is working for us. We will continue our strategy of adapting our content to the needs of our changing society and stay ahead of our competitors through innovations like our Business Briefings."
He said measured against stagnant growth in most of the newspaper industry, The New Age's latest AMPS results were remarkable.
In the recently released analysis of Agenda-Setting Media carried out by Media Tenor SA that covers the period 1 January to 31 March 2014 the paper scored favourably in several categories.
In the category of 'most influential daily print', The New Age was cited as the English language daily that has been quoted most often by other media outlets. TNA's gender representation also came in for praise as it was found that we were in the top ten daily print with regards to the best representation of women in politics and that the paper represents both women and men in politics equally.
To cap it all it was found that The New Age was the most influential daily print with regards to politics and regulatory issues.
Cultivating our young talent and caring for our communities, sits at the heart of TNA Media. This is demonstrated in the initiatives that the company has embarked that include the training of young journalists that have ambition to make a mark in journalism through the TNA Cadet School. As well the TNA Foundation, founded in 2012 to make a difference in the lives of ordinary South Africans. To date the TNA cadet school has successfully trained 24 students who now work as journalists, and is currently training an additional 10 students and the TNA Foundation has built and donated a home to a family in Greytown, KZN.