| Mon 4 Feb 2008, 15:03 | | ABL / ABLP - Changes To The Board And Management Structures Of ABIL And Its |
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ABL ABLP
ABL
ABL / ABLP - Changes To The Board And Management Structures Of ABIL And Its
Subsidiaries
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1946/021193/06)
(Registered bank controlling company)
Ordinary share code: ABL & ISIN: ZAE000030060
Preference share code: ABLP ISIN: ZAE000065215
("ABIL")
CHANGES TO THE BOARD AND MANAGEMENT STRUCTURES OF ABIL AND ITS SUBSIDIARIES
African Bank Investments Limited ("ABIL") has acquired Ellerine Holdings Limited
("Ellerines") with effect from January 2008. Accordingly, the group now
effectively consists of a financial services business (African Bank) and a
retail business (Ellerines), and as a result the following changes to the board
and management structures have been implemented:
Executive Management structure
Historically, Leon Kirkinis has played the dual role of CEO of ABIL and African
Bank, as the group has been run as a unitary business. As a result of the
enlarged group, these roles have been split, with Leon Kirkinis remaining CEO of
the ABIL group, with a focus primarily on driving the strategic direction of the
group and overseeing the integration and optimisation of the Ellerines business
within the ABIL group.
Dave Woollam has been appointed as chief executive of African Bank, and will be
responsible for the day to day operations of the financial services businesses,
including the integration of the Ellerines financial services activities into
African Bank. Tami Sokutu, executive director responsible for ABIL`s group risk
functions, will expand his division to cover both the African Bank and Ellerines
businesses.
Toni Fourie, who has had extensive previous experience in retail operations and
has been instrumental in repositioning African Bank`s distribution footprint,
branding and customer service propositions, has been appointed the chief
executive of Ellerines. Toni takes over from Peter Squires, who will remain an
executive director of Ellerines until he retires in March 2008. Marc Moca and
Bruce Sinclair remain on the Ellerines board as executive directors performing
the roles of COO and CFO respectively, whilst Denzil McGlashan (Chairman of the
Ellerines board) and Reg Rawlings (Finance director) have both retired from
Ellerines.
Non-executives director changes
In terms of ABIL`s articles, a term limit policy states that non-executive
directors may not hold office for more than 6 years. However, in order to
maintain continuity, no more than 3 non-executive directors will be required to
retire per this policy in any one year. As a result, the following non-executive
directors have or will be retiring from both the ABIL and African bank boards:
- Daniel Tembe and Ramani Naidoo, chairperson of the directors` affairs
committee, have retired with effect from 1 February 2008, and
- Gunter Steffens, chairman of the group risk committee, will be retiring
with effect from 31 May 2008.
The following non-executive director appointment and consequential changes to
the ABIL and African Bank board sub-committees have also been made:
- Nick Adams has been appointed as a non-executive director of ABIL and
African Bank, and from 1 June 2008, will be appointed chairman of the group risk
committee, and
- Mutle Mogase, an existing director on the ABIL and African Bank boards, has
been appointed as chairman of the directors` affairs committee.
Further non-executive director appointments are planned and these will be
announced as soon as the relevant corporate governance and regulatory procedures
have been completed.
The composition of directors of the ABIL and African Bank boards continue to
mirror each other.
Company Secretary:
Craig Brighten, in addition to being the current Ellerines company secretary,
has been appointed as the company secretary for ABIL and African Bank.
Effective date:
All the above changes, unless stated otherwise, are effective from 1 February
2008.
Word of thanks:
ABIL would like to thank the Ellerines and ABIL directors who have retired or
resigned for their years of dedication and valued input. In particular, a word
of thanks to Denzil McGlashan, Peter Squires and Reg Rawlings, who played an
instrumental role in bringing the ABIL acquisition of Ellerines to fruition, and
who tirelessly put the interests of the business and its stakeholders above
their own.
Johannesburg
4 February 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 04/02/2008 15:03:17 Produced by the JSE SENS Department.
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