SNT
SNT
SNT - Santam Limited`s Current Chief Executive To Step Down, New Chief
Executive Appointed.
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Reg. No 1918/001680/06)
Share Code: SNT
ISIN: ZAE000006854
("Santam" or "the company`)
Santam Limited`s current Chief Executive to step down, new Chief Executive
appointed.
The Board of Santam Limited and Mr Steffen Gilbert, the Chief Executive of
Santam Limited, today announced a decision made by mutual agreement,
whereby Mr Gilbert will step down as Santam CEO with effect from 14 June
2007, thereafter serving a six-month notice period.
In addition, the Santam Board has appointed Mr Ian Kirk (49) to succeed Mr
Gilbert as Chief Executive of Santam Limited with effect from 14 June 2007.
Mr Kirk is the Chief Executive: Strategy and Special Projects at Sanlam
Limited. He is the former Deputy CEO of the Liberty Group and, prior to
that, the CEO of Capital Alliance Holdings until it was acquired by the
Liberty Group in 2004. He has considerable non-life insurance experience.
Mr Gilbert was appointed as Santam`s Chief Executive in July 2003 to add
momentum to the Group`s strategic repositioning, specifically in the areas
of setting strategic focus, reinsurance and client service. After
successfully meeting these deliverables, as well as driving Santam`s
capital reduction and share buyback programmes and initiating the Group`s
Black Economic Empowerment transaction, it was agreed that a fresh approach
is required to drive Santam`s business strategy forward.
Mr Desmond Smith, chairman of the Board of Santam said: "Steffen has been
instrumental in improving Santam`s operational performance and reinsurance
synergies and the Board would like to thank him for his dedication and
commitment. The Group, under Ian Kirk, will continue along the path Steffen
has helped us define."
He added that the Board strongly supports the current management team and
has faith in the strategy on which Santam has embarked. It was confident
that, in appointing Ian Kirk, who has been a key member of Sanlam`s
Executive committee, driving group wide growth, optimisation and capital
management strategies, the new CEO fully understands and supports the
strategic development of Santam.
Bellville
15 June 2007
Sponsor to Santam: Investec Bank Limited
Date: 15/06/2007 11:00:04 Produced by the JSE SENS Department.
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