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MAF
MAF
MAF - Mutual & Federal - Mutual & Federal executive changes
Mutual & Federal Insurance Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1970/006619/06)
JSE Share Code: MAF
NSX Share Code: MTF
ISIN: ZAE000010823
("Mutual & Federal")
Mutual & Federal Executive Changes
Mutual & Federal Ltd. today announces the appointment of Keith Kennedy as
Managing Director. Mr Kennedy replaces current Managing Director Bruce
Campbell with effect from 16 August 2007.
Bruce Campbell leaves after 34 years with Mutual & Federal, nine of which
were as Managing Director, to assume the new role of Executive Chairman at
Alexander Forbes. During his tenure, Mr Campbell led significant
achievements at Mutual & Federal including the implementation of successful
empowerment transactions and several key acquisitions including CGU
(Commercial General Union), while delivering consistently positive
underwriting results and excellent returns for shareholders.
Jim Sutcliffe, Chief Executive of Old Mutual plc, said:
"Over recent years, Mutual & Federal has maintained its position as one of
the leading general insurers in Southern Africa despite increased
competition and challenging trading conditions. Bruce has encouraged a
culture of discipline and delivery, and has demonstrated considerable
commitment to transformation. On behalf of Old Mutual, I would like to
extend my thanks to Bruce for his dedication and commitment over the years
and to wish him every success in the future."
"Keith`s 24 years experience in the general insurance industry and high
regard within the company and the industry make him the ideal candidate to
take charge".
Keith Kennedy said:
"Bruce has laid an excellent foundation at Mutual & Federal and I`m
fortunate to succeed him. Some of the key areas that I will immediately
focus on will be positioning our company to meet the insurance needs of the
broader South African market, making a commitment to IT development to
improve operational efficiency and become more innovative, and making
Mutual & Federal one of the best companies to work for. With the industry
currently in a downward cycle, improving our underwriting profits also
requires special attention. We will continue to focus on broker
relationships which are essential for success in our business."
Mutual & Federal also announces new executive appointments at the company.
With an increasing focus on people, Jeanett Modise is promoted to Executive
General Manager, still responsible for Human Resources and overseeing
significant change programmes. Graham Stavridis is to replace Kennedy as
Executive General Manager, Claims division. The executive team has also
been strengthened by the appointment of Mokaedi Dilotsotlhe as General
Manager, Marketing and Strategy.
Chairman of Mutual & Federal Jabu Magwaza commented:
"One of the essential areas of focus for Mutual & Federal is the
acceleration of our transformation programme, and the appointment of
Jeanett to the executive management highlights how important our people and
their development is going forward. We also welcome Graham and Mokaedi who
both bring a wealth of experience with them from Old Mutual SA."
Sponsor
Nedbank Capital
Date: 24/07/2007 09:00:04 Produced by the JSE SENS Department.
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