|
SAGE GROUP LIMITED
("Sage") or ("the Group")
(Incorporated in the Republic of South Africa)
(Registration Number 1970/010541/06)
(Share code SGG ISIN no ZAE000006623)
MEDIA RELEASE
8 APRIL 2003
SAGE GROUP BOARD CHANGES
Mr Louis Shill has announced his retirement as Chairman of Sage Group with
effect from the company"s annual general meeting in May. Mr Shill will continue
to serve as a non executive director of the Group.
A new Chairman will be designated and announced at the time of the annual
general meeting.
The board of Sage has also announced the appointment of Mr Garth Griffin as
Group Chief Executive with immediate effect. Mr Griffin has served as a non
executive director of Sage since 1999 and is currently Chairman of the Group"s
Audit Committee and its Investment Management Committee.
Mr Janssen Davies continues as Chief Executive of the Group"s South African
operations and Robin Marsden as Chief Executive of International Operations.
Mr Shill was a founder and the chief executive of the first unit trust in
South Africa, Sage Fund, in 1965, having helped pioneer the unit trust concept
in the country.
Mr Shill established the Sage Group in 1969 and has led its development into a
prominent life assurance and unit trust institution.
He is a past Chairman of the Life Offices Association (LOA) and was a member of
the government"s Standing Advisory Committee on the Long Term Insurance
Industry. In 1993/4 he served in the cabinet as Minister of National Housing and
Public Works.
Mr Shill has served as a director of numerous companies and was a founder
director of the ABSA Group.
Mr Griffin was formerly Managing Director of the Old Mutual Group and
subsequently an independent business consultant.
"Having reached the age of 72, it is an appropriate time for me to retire as
Chairman, whilst continuing to remain on the board of a Group in which I will
continue to hold a significant interest," says Mr Shill.
" In recent years I have focused strongly on the Group"s international expansion
initiative. This is not presently a major activity of the Group and, following
the appointment of a Group Chief Executive and the announced recapitalisation
plans, the Group is entering a new development phase, having been placed on firm
foundations," adds Mr Shill.
Mr Griffin concludes, "Having been exposed to the people and the operations of
Sage for some years now, I am confident about our ability to reposition the
Group for renewed growth into the future.
"Personally, and on behalf of the board, I would like to pay tribute to Louis
Shill for having created and built Sage and in particular for his wisdom,
leadership and integrity. We look forward to his continuing and active
participation as a non executive director after May."
ENDS
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
