J.E.P. Stewart, former managing director of the Argus Group of Companies, once told Gerald Simons he could some day be the company's CEO.

Mr. Stewart was right.

Argus announced yesterday that, after a year as CEO designate, Mr. Simons will then take the Argus helm from CEO and managing director John Sainsbury who retires on March 31, 1998.

Mr. Sainsbury will retire after almost 38 years with the Argus Group, the last 16 as CEO and managing director.

"I'm looking forward to the next year. It will be a learning year. Under Mr.

Sainsbury, Argus has grown tremendously. I recognise it is an honour of significant responsibility,'' Mr. Simons said.

Currently group sales manager, Mr. Simons joined Argus as a summer student in 1967 and as a full-time employee in 1971 following graduation from the University of Western Ontario with a major in Economics.

"When I was 19, I was about to go to the University of Manitoba and study Physics and Chemistry. J.E.P. Stewart said if I agreed to study something other than Physics and Chemistry, he'd consider hiring me,'' Mr. Simons said.

During an early interview, Mr. Stewart told Mr. Simons, he could become Argus' CEO.

After five years in administration and as a sales representative, Mr. Simons became sales supervisor in 1975 and Bermuda Life Insurance Company manager from 1977 to 1986.

In addition to group sales manager, his other current responsibilities include chairman, sales and marketing committee, chairman, computer steering committee and education representative for Life Office Management Association and Health Insurance Association of America.

Mr. Simons qualified as a Fellow of the Life Management Institute in 1975 and as a Health Insurance Associate in 1995 when he was one of only 17 of 700 awardees, principally in the US, completing the five part programme with honours.

"Mr. Simons has group wide experience as sales manager and his 12 months as CEO designate will provide the opportunity for him to be involved in additional areas of the group's activities and to undertake any appropriate formal programmes of executive management education and training,'' Argus said.

Gerald Simons BUSINESS BUC