AVI Limited Announces Resignation of Chairman and Appointment of Seasoned Industry Leader

• Gavin Tipper, Chairman of AVI Limited, has resigned from the Board after accepting an executive position outside the company.
• Michael (Mike) John Watters has been appointed as an independent non-executive director, effective from 1 June 2023, and will assume the role of Chairman from 1 July 2023.
• Watters brings extensive experience, having served as the CEO of RDI REIT PLC and held positions on various prominent boards in the real estate and hospitality sectors.

AVI Limited, a prominent consumer goods company, made a significant announcement today regarding changes to its board of directors. Gavin Tipper, a long-standing non-executive director and Chairman of the AVI Board, has tendered his resignation after accepting an executive position outside of AVI. Tipper, who has been with AVI since March 2007 and assumed the Chairman role in July 2012, expressed his intention to step down from the Board once a suitable successor had been found.

Following an extensive search, the AVI Board is delighted to reveal the appointment of Michael (Mike) John Watters as an independent non-executive director, effective from 1 June 2023. Watters will subsequently assume the position of Chairman, starting from 1 July 2023.

Watters brings a wealth of experience to AVI, having previously served as the CEO of RDI REIT PLC until his retirement in December 2020. His impressive track record also includes positions on the boards of Redefine Properties Limited, Hyprop Investments Limited, Sycom Property Fund, the Cromwell Property Group, and as Chairman of the RBH Hospitality Group Limited in the United Kingdom. With his extensive background in real estate and hospitality, Watters is poised to offer valuable insights and guidance to AVI.

On behalf of the AVI Board, Abe Thebyane, Chairman of the Remuneration Committee, extended a warm welcome to Watters, while expressing gratitude to Tipper for his dedicated service and significant contributions to the Company over the years.

Headquartered in Illovo, South Africa, AVI Limited is widely recognized for its diverse portfolio of leading consumer brands, including Five Roses, Bakers, I&J, and Spitz.

The AVI Board eagerly anticipates the leadership and expertise that Watters will bring as Chairman, expecting his appointment to inject fresh perspectives and drive the Company’s growth and ongoing success.