Metropolitan Life Limited
At a meeting in Cape Town today (Monday, 23 July) the board of Metropolitan
unanimously approved the appointment of Gloria Tomatoe Serobe as non-
executive chairman of the diversified financial services group with effect
from 1 August 2001.
Mrs Serobe, currently executive director (finance) at Transnet, is also a
founder member and former chairman of Women Investment Portfolio Holdings
Limited (Wiphold) where at present she holds a non-executive directorship.
Wiphold recently acquired a 25% stake in Phaphama, the holding company of
New Africa Investments Limited (NAIL), which in its turn is the majority
stakeholder in Metropolitan.
Regarding her appointment to the chairmanship of Metropolitan, Mrs Serobe
said that she was greatly looking forward to making a meaningful
contribution to the attainment of the empowerment objectives of one of South
Africa's leading black empowerment groupings.
"The fact that I will be assuming my new responsibilities at a time when
Metropolitan is actively involved in initiatives aimed at enhancing its
strong black empowerment credentials adds exciting dimensions to the
challenges that lie ahead.
"It is an honour to be taking over the reins of Metropolitan from a
businessman and empowerment stalwart of the calibre of Advocate Dikgang
Moseneke. Being able to build on the solid foundation that he has laid, will
make my task that much easier.
" I have thoroughly enjoyed being part of the Metropolitan team since my
appointment as a non-executive director earlier this year, and have the
greatest respect for the acumen of my fellow board members. I will be
relying heavily on them for support as together we strive to make the
group's vision for the future a reality."
Peter Doyle, group chief executive of Metropolitan, welcomed Serobe's
appointment, commenting that it in itself was a major step forward for
empowerment.
"Having the first woman to chair a major financial services company in the
country, and one of the pioneers of the movement to empower the women of
South Africa, at the helm of Metropolitan will be of tremendous advantage to
the group. We believe that we will derive great benefit from Gloria's
insight and guidance in our ongoing efforts to deliver on our empowerment
promises in particular," says Doyle.
Turning to the restructuring exercise in which Metropolitan and NAIL are
currently involved, Mrs Serobe confirmed that it would continue to enjoy the
highest priority.
Amongst other things, the restructuring involves the separation of NAIL's
financial services interests, including Metropolitan, from its media
interests, as well as the creation of a separate listed entity to house the
financial services interests.
Mrs Serobe highlighted the fact that the new entity, to be known as New
Africa Capital (NAC), would in future be the only point of entry for
prospective investors in the financial services group, with Metropolitan de-
listing from both the JSE Securities Exchange South Africa and the Namibian
Stock Exchange.
ISSUED BY SUE SNOW
FINANCIAL MEDIA SPECIALIST
METROPOLITAN
TEL 2721 9406119 OR 0833009745
DATE 23 JULY 2001
QUERIES PETER DOYLE
GROUP CHIEF EXECUTIVE
METROPOLITAN
TEL 2721 9405681 OR 0828802690
Natalie Amos
Group Finance: Investor & financial media relations
Metropolitan
Tel : (2721) 9406112
Fax : (2721) 9406690
Email : namos@metropolitan.co.za
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