| Wed 26 Nov 2008, 15:30 | | FSR - FirstRand Limited - Change To Momentum`s CEO |
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FSR
FSR
FSR - FirstRand Limited - Change To Momentum`s CEO
FirstRand Limited
(Incorporated in the Republic of South Africa)
Registration number: 1966/010753/06
JSE Share Code: FSR NSX Share Code: FST
ISIN: ZAE000066304
CHANGE TO MOMENTUM`S CEO
The FirstRand Group (FirstRand) today announced that EB Nieuwoudt has resigned
as CEO of its insurance subsidiary the Momentum Group (Momentum) and Nicolaas
Kruger, currently the CFO of Momentum, has been appointed as his replacement
effective 1st January 2009.
After a career of more than 16 years with FirstRand, of which the last 3 years
he spent as CEO of Momentum, Nieuwoudt has decided to exit the corporate world
to pursue his own interests. He does not have any immediate plans, but will
effect an orderly transition to Nicolaas Kruger until the end of March 2009.
Commenting on Nieuwoudt`s departure, FirstRand CEO Paul Harris said:
"FirstRand is disappointed to lose a team member of EB`s calibre, and Momentum
certainly has benefited over the last few years from his broader financial
services and banking experience. He did an outstanding job and brought a fresh
perspective at a time of significant regulatory and competitive pressures in the
insurance industry. His contribution to the strategic direction of Momentum
means that Nicolaas Kruger takes over a business with a strong competitive
position in the market, underpinned by a very sound strategy. The Group`s deep
pool of talent has allowed us to appoint a replacement with the requisite
experience, skills and strategic insight to take Momentum forward."
Nicolaas Kruger started his career at Momentum in 1991 and qualified as an
actuary in 1992. He became chief actuary in 1997, at the age of 29, and held
this position for 10 years. He was involved in the integration of various
acquisitions including Southern Life, Sage, Sovereign Health and African Life
Health. He was appointed CFO in 2007.
In the CFO role he worked very closely with EB Nieuwoudt developing the
strategic direction of Momentum, utilising financial and actuarial management as
a platform to pro-actively enhance shareholder value, particularly through its
capital management strategy. Nicolaas also gained broad industry experience
representing Momentum on various forums (including the board of the LOA) and was
extensively involved with the negotiations between the life insurance industry
and National Treasury to formulate and agree the Statement of Intent in December
2005.
Ends
For further enquiries please contact:
Paul Harris, CEO, FirstRand 011 282 8055
Sam Moss, Investor Relations, FirstRand 011 282 1341 or 0824909985
Sandton
26 November 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26/11/2008 15:30:01 Produced by the JSE SENS Department.
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