Abil has announced that important changes will be made to the executive management structure of African Bank, Theta Investments and Stangen. These changes, which will be effective from 1 Apr 03, will streamline the group's operations and provide for greater efficiencies.
The activities of the four existing operating entities, Theta Investments, African Bank, Stangen and Saambou Personal Loan Book Collections are to be restructured into four distinct business units - African Bank Retail Lending, Specialised Lending, Collections, and Finance and Central Functions. In line with this strategy, it is also the group's intention to align the boards of Abil and African Bank over time.
Tami Sokutu, presently COO of African Bank, will become MD of the African Bank Retail Lending business unit. Johan de Ridder will become MD of the Specialised Lending unit, and in addition will be responsible for disposing of the non-core lending operations of Theta Investments that are not aligned with the group's strategic direction. Angus Herselman will become the managing executive responsible for the Collections business unit. Dave Woollam, the group FD, will assume responsibility for a new Finance and Central Functions business unit which will provide centralised services to the operating divisions.
Each unit will possess a high degree of flexibility and will be accountable for bottom-line delivery and management of resources. However, IT and HR strategies, policy and monitoring will continue to occur centrally to ensure legal and technical compliance.
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