Bearing Man MD moves to OST

Third Quarter 2006 News & events AI & Data Analytics

The announcement by Arnold Goldstone, CEO of Invicta Holdings, that Dr Louis Marais, Bearing Man's managing director, will no longer be at the company's helm is disappointing news for Bearing Man, particularly when the company has achieved new levels of sales and profits in a highly competitive market. Bearing Man has experienced a growth in turnover of 168% over the last five years. Operating profits are up 185% for the same period.

Dr Marais has bought an equity stake in the recently acquired Oscillating Systems Technology Company (OST) by Invicta Holdings and will be relocating to Pretoria after 1 August 2006 to take up his new position as a partner, with Gavin Pelser and Invicta Holdings, in OST.

Dr Marais, who joined Bearing Man in 1996 to formalise the company's human resources division, soon extended his portfolio to include corporate and branch operations. Dr Marais was appointed assistant managing director in 2000 during Greg Till's illness and managing director in 2004. His loyalty to Bearing Man, knowledge of the industry and close associations with overseas suppliers and customers, is reflected in the company's growth.

"It has been a privilege to be part of the Bearing Man team and I have always felt proud of the company's great spirit and steadfast commitment to excellence," says Dr Marais. And adds that, "Although my new challenges will remove me from day to day activities at Bearing Man, I am pleased to remain part of the Invicta Group. I am confident that with Bearing Man's highly developed infrastructure, financial stability and technical expertise, the company will continue to increase market share."

The announcement of Bearing Man's new managing director will be made by the Invicta Board as soon as the appointment has been confirmed.

For more information contact Dr Louis Marais, Bearing Man, +27 (0) 31 576 6200.

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