New Top Management Structure For Merged Nedcor/boe
NEW TOP MANAGEMENT STRUCTURE FOR MERGED NEDCOR/BOE GROUP
MEDIA RELEASE
Date of release: 8 July 2002
Share Code: NED
ISIN: ZAE000004875
New top management structure for merged Nedcor/BoE group
Nedcor today announced its new top management team and a proposed organisational
restructure following the merger with BoE.
Nedcor chief executive Richard Laubscher will lead the merged group supported by
the following executive directors: Stuart Morris - Finance director; Tony
Routledge - Strategy; Derek Muller - Corporate & Commercial; Tom Boardman -
Retail & Wealth Management; Lot Ndlovu - Peoples Bank; Barry Hore - Technology &
Operations; Izak Botha - Capital & Integration; and Michael Katz - Advisory &
Entities.
Chris Liebenberg will continue in his position as group non-executive chairman.
The staff of Nedcor and BoE have been invited to provide comment and feedback on
the proposed organisational structure within the next 30 days. Thereafter, a
more detailed structure will be announced.
The proposed new organisational structure aims to achieve the strategic and
financial benefits facilitated by the merging of the two groups. They include
building on the strengths of both groups while maintaining solid client
relationships; reducing costs while generating additional revenues; adding to
the strength and depth of skills within the management team and staff base;
providing a strong offshore platform for clients; and creating synergies in
technology and operations through increased volumes.
The organisational structure brings together the various businesses of Nedcor
and BoE, ensuring the group is structured around client needs.
Branding issues within the new structure are still under review as part of the
integration process.
The integration process is being steered by a committee headed by Izak Botha.
The initial stages of the integration will take place over the next four months,
after which the group will be better able to assess the full integration
benefits and the preliminary structures for all divisions. The integration
process is expected to take 18 to 24 months to complete, in line with the usual
time required for successful integrations of this nature.
Ends
Issued by: Nedcor Ltd
Contact: Head of Integration Communications
Don Bowden
+27 82 555 8721
Date: 08/07/2002 05:53:14 PM Produced by the JSE SENS Department
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