• Byron Nichles. Picture: RUSSELL ROBERTS

  • Charles Walters. Picture: RUSSELL ROBERTS

  • Arnold Goldstone. Picture: HETTY ZANTMAN

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At the time of going to press, Invicta made key changes to its executive team, reinforcing faith in the executives who appear to be mixed up in a reportable irregularity.

The board changes were triggered after the resignation of Byron Nichles, the executive in charge of Invicta’s Engineering Consumables division (which includes Bearing Man Group), who suffered a heart attack earlier this year.

Nichles, who was appointed to Invicta in September 2014, will relocate to Cape Town with his family "in order to pursue a new and more balanced lifestyle". He will remain a non-executive director.

Charles Walters, the CEO of Invicta, will take up the role of executive chairman of Invicta’s Engineering Consumables business. He was the CEO of this division for eight years prior to his appointment as Invicta CEO.

Arnold Goldstone, the executive deputy chairman of Invicta, will assume the role of executive chairman of Invicta’s Capital Equipment Group and Building Supplies Group.