ASTRAL FOODS LIMITED - Change to the Board of Directors with the Retirement of the CEO

Change to the Board of Directors with the Retirement of the CEO

Astral Foods Limited
Incorporated in the Republic of South Africa
Registration no 1978/003194/06
Share code: ARL
A2X code: ARL
ISIN ZAE000029757
("Astral" or the "Company")


CHANGE TO THE BOARD OF DIRECTORS WITH THE RETIREMENT OF THE CEO


This announcement is published in accordance with paragraph 3.59(b) of the JSE Limited Listings
Requirements.

The Board of Directors (the "Board") wishes to announce that Chris Schutte has requested to retire from
his position as Chief Executive Officer and Executive Director of the Company with effect
from 30 January 2025, at the Company's next Annual General Meeting. In line with Astral's Human
Resources Policy, the retirement age of Executive Directors is 65, and Chris' mandatory retirement
would occur in 2025. The Board considered and accepted this personal request.

A formal replacement process has been initiated and a further announcement will be made once this
has been completed.

Dr Theuns Eloff, Non-Executive Chairman of Astral, stated: "Although we are saddened by Chris's
decision, we respect his request for retirement with the utmost understanding and sympathy for his
personal and family circumstances. Chris has been a poultry man for 41 years, steadfastly serving the
South African poultry industry. Chris has been at the helm leading Astral for the past 16 years, at the
same time achieving the recognition as one of the longest serving CEO's of a listed JSE company.
Chris has a very special set of management and Board skills, with a wealth of knowledge in the poultry
industry."

"Chris has graciously agreed to consult to Astral, in a strategic role from 1 February 2025 for a period
of one year. On behalf of the Board, I would like to thank Chris for his leadership and valuable guidance
during his tenure at Astral. We wish Chris and Reinette well for the next chapter in their lives", added
Eloff.

Following the worst financial period in the Group's history for the year ended 30 September 2023, Astral
is currently in a solid and healthy financial position. This is due to the successful implementation of a
focussed turnaround strategy in the 2024 financial year. In the consultant role, Chris will focus on
ensuring a smooth transition process with the incoming CEO, continue to facilitate key stakeholder
engagement and provide strategic insight to both the Astral Executive Team (Exco) and the Board.

Chris Schutte stated: "I have always involved my Exco in our dealings with a myriad of stakeholders,
and this well-established team is highly experienced and regarded as best-in-industry. I am confident
that I am handing over to a competent team who are willing and able to take the Group forward in the
next phase of Astral's growth journey."


On behalf of the Board
T Eloff
Chairman


Lanseria
8 August 2024

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 08-08-2024 07:05:00
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