| Thu 5 Nov 2009, 9:45 | | AFP - Alexander Forbes Preference Share Investments Limited - Change To The |
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AFP
AFP
AFP - Alexander Forbes Preference Share Investments Limited - Change To The
Board Of Directors
Alexander Forbes Preference Share Investments Limited
(Incorporated in the Republic of South Africa)
Registration number: 2006/031561/06
ISIN code: ZAE000098067
Share code: AFP
("Alexander Forbes" or "the group" or "the company")
CHANGE TO THE BOARD OF DIRECTORS
Edward Kieswetter appointed Group CEO of Alexander Forbes
The board of directors and shareholders of Alexander Forbes announced today that
SARS Deputy Commissioner Edward Kieswetter has been appointed CEO of Alexander
Forbes Group with effect from January 2010.
Current CEO Bruce Campbell will be stepping down at the end of 2009.
Alexander Forbes Chairman Sello Moloko commented: "We are delighted that someone
of Edward`s leadership calibre will be joining us to build on our successes and
continue our transformation drive.
"Edward is highly experienced in strategic leadership, has an impressive track
record of delivery, has impeccable governance credentials and is accomplished in
managing diverse stakeholders. He is a particularly good people manager."
Before his SARS tenure, Kieswetter spent 5 years at the FirstRand Group where he
was, amongst other roles, a dealmaker with Rand Merchant Bank and Group
Executive of Public Sector Banking. He served on a number of Boards including
RMB Asset Management. Kieswetter was named the South African Boss of the Year in
2000.
He also spent nine years at ESKOM which included roles as senior general manager
of the Generation Group as well as general manager of the successful Matla Power
Station.
Kieswetter, whose career started as an electrical engineer, holds an Executive
MBA from the UK`s Henley University and masters degrees in Tax and Cognitive
Development from Northwest University and the University of Western Cape
respectively. He also has a research scholarship at the prestigious Harvard
University.
Commenting on the outgoing CEO, Moloko noted that Campbell had made a
significant contribution to the group since his appointment in 2007.
"We are immensely grateful to Bruce. His leadership and stewardship have
delivered considerable value to the company and strong performance relative to
the group`s peers in an exceptionally challenging time for the financial
services industry.
"He helped complete a strategic review of the business identifying several
strong areas of growth and led a debt restructuring exercise, which has
significantly reduced any downside financial risk for the company."
Campbell said he leaves Alexander Forbes with solid governance structures, a
personal objective he is pleased to have met.
"I`ve thoroughly enjoyed the challenge and have been privileged to work with a
collection of extremely talented people.
"Alexander Forbes is well-positioned to continue contributing positively to the
South African economy and I have confidence that the new CEO with the support of
this superb management team will be able to drive the group along a strong
growth curve. I wish Edward every success in his new role."
The group is in discussion with Campbell regarding possible ongoing involvement
with Alexander Forbes as a non-executive on certain of their boards.
Campbell will also consider several other professional opportunities and
personal interests.
Kieswetter said that he was greatly looking forward to his new role and the
challenges it will bring.
"This is an extraordinary and exciting opportunity to build on the successes of
the Alexander Forbes Group and carry on its transformation drive.
"Until I start however, my focus remains on SARS where I have been proud and
privileged to work as it has made such a positive contribution to South Africa."
Sandton
5 November 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/11/2009 09:45:03 Produced by the JSE SENS Department.
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