Patrick Bultema, CEO of FrontRange Solutions, has resigned, reportedly to pursue personal interests.
FrontRange Solutions is the 100% US subsidiary of JSE-listed FrontRange, from whose board Bultema has also resigned.
"Patrick played a significant role in helping FrontRange Solutions get back to profitability and now wishes to pursue personal interests," says FrontRange Solutions chairman Dana Buys, who is working with the executive team in Colorado while Bultema`s successor is being recruited.
Buys is also the CEO of the South African parent company.
"We have a strong and experienced executive team on board and we expect a smooth transition as the company`s systems and processes are globally integrated," Buys says.
FrontRange says it has been cash positive since early last year and expects earnings for the year to 30 June 2003 to be in line with previous indications made to shareholders.
The holding company has also announced the resignation of non-executive director Dave Carruthers due to increased commitments at SAB-Miller.
It has appointed as non-executive directors Michael McCloskey, Gary Heil and Ed Ekstrom. McCloskey is to take up the role of interim CEO.
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