| Mon 12 Nov 2007, 12:44 | | AFP - Alexander Forbes Preference Share Investment |
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AFP
AFP
AFP - Alexander Forbes Preference Share Investments - Announcement From
The Board Of Alexander Forbes
Alexander Forbes Preference Share Investments Limited
(Formerly Micawber 515 (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2006/031561/06)
Share code: AFP & ISIN number: ZAE000098067
ANNOUNCEMENT FROM THE BOARD OF ALEXANDER FORBES
Peter Moyo resigns as Group Chief Executive of Alexander Forbes
It is with regret that the Board of Alexander Forbes Equity Holdings (Pty)
Limited ("Alexander Forbes") announces the resignation of Group Chief Executive
Peter Moyo with effect from 31 December 2007.
Despite the best efforts of the Board to convince Peter to stay on as Group
Chief Executive, he has decided to leave the Group as a result of differences
with the Board. The Board thanks Peter for the commitment he has shown with
regard to his responsibilities as Group Chief Executive.
Together with the Alexander Forbes management team, Peter has built a sound and
sustainable transformation strategy for the company which is endorsed by the new
shareholding consortium including the Shanduka Group and Actis. During Peter`s
tenure, initially as Africa Managing Director and later as Group Chief
Executive, there has been an improvement in the Group`s results.
During his two year tenure with the Group, Peter and the team successfully
navigated the company through a challenging period, leading to improved
transparency for all stakeholders. Alexander Forbes will continue to fulfil the
promises of this strategy.
Moyo thanked his team and all the staff at Alexander Forbes for their support
during his tenure as Group Chief Executive, "I have enjoyed working with the
team through some challenging and exciting times."
Bruce Campbell, Chairman of the Board of Alexander Forbes, said: "Alexander
Forbes is regarded highly as a professional business within the Financial
Services sector and the potential of the various segments of the Group is
extremely exciting. As a combined entity the group is uniquely positioned to
take advantage of opportunities available in the financial and risk management
landscape."
"The Group has an outstanding management team supported by dedicated, innovative
employees and while it is regrettable that Peter Moyo has decided to leave, we
have full confidence that the company will go from strength to strength. We wish
Peter all the best in his future endeavours."
The Board is currently working on a succession plan relating to Peter`s
departure which will be announced shortly.
Contact: Bruce Campbell
Chairman
+2711 269 2160 or +27 (0)83 3276155
Secretary: Lyn Amos +2711 2692161
12 November 2007
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
ENDS
Date: 12/11/2007 12:44:01 Produced by the JSE SENS Department.
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