Mr Justin Schaffer
TitleJustin Schaffer joined the Magnetica Board as a Non-Executive Director in July 2008.
Mr Schaffer has a great depth of business experience internationally, as a Chairman, Executive Director and CEO of several large organisations. He is also familiar with technology start-ups and has founded and run a number of successful high-tech companies. Mr Schaffer uses his wealth of knowledge and experience to invest and act as Non-Executive Director in a number of high-tech start up companies in South East Queensland.
Prior to joining Magnetica, Mr Schaffer, together with four partners, founded and served as operating directors for Tracker Network Ltd, a South African based, stolen vehicle recovery business using technology from LoJack Corp., USA, a NASDAQ-listed company. The company currently employs 800 people with sales revenues exceeding A$ 500million p.a. The company is now 50% owned by a subsidiary of the Rembrandt Group in South Africa, while Mr Schaffer continues to serve as a non executive director
Early in his career, as CEO of Duropenta Plastics, Mr Schaffer built Duropenta to become the largest plastics manufacturer in South Africa, with 500 employees and 12,000 tons p.a. production. He remained as CEO when the business was sold to AECI Ltd, and subsequently set up a JV with French and Israeli partners to establish business in Spain and U.S.A.
At the request of AECI Chairman, Harry Oppenheimer (also Chairman DeBeers & Anglo American Corp.),Mr Schaffer was appointed CEO of South African Nylon Spinners Ltd. and turned the company around in 3 years to become the largest producer of nylon and polyester yarns, fibres and PET polymer in the Southern Hemisphere. It is one of the most profitable synthetic fibre businesses in the world.
Later in his career Mr Schaffer ran and re-structured the Frame Group, reducing workforce from 25,000 to 18,000 in two years and restoring profitability.