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NEDCOR LIMITED -
NEDCOR LIMITED
Incorporated in the Republic of South Africa
Registration number 1966/010630/06
JSE code: NED
ISIN: ZAE000004875
("Nedcor")
NEW CHIEF EXECUTIVE FOR NEDCOR
The board of directors of banking group Nedcor Ltd today announced that
Tom Boardman has been appointed chief executive designate of the group.
Thomas Andrew Boardman (53) has been an executive director of Nedcor since last
year, heading up the group"s retail and wealth management division. He will take
over from outgoing chief executive, Richard Laubscher, on 1 January 2004.
Boardman is an experienced banking executive. He was chief executive of BoE Ltd
prior to its merger with Nedcor in July last year. Before this he was managing
director of BoE Bank following a career with BoE over sixteen years. He has a
broad range of banking experience that spans merchant and investment banking,
corporate banking and retail financial services. Boardman has a B Com, CA(SA).
Commenting on the appointment Nedcor chairman Chris Liebenberg, said: "Over the
past 15 months that Tom has been with the Nedcor group he has demonstrated his
strong leadership skills. Tom has been a leader in the industry for some time,
has strategic vision, knows the group well and understands the issues facing the
group. The Nedcor board is confident that Tom will successfully lead Nedcor into
a new era.
Boardman said: "It is a privilege to have the opportunity of leading Nedcor at
this stage of its development and to take over from a chief executive of the
calibre and stature of Richard Laubscher. I inherit a sound, solidly profitable
bank with assets in excess of R300bn. Nedcor has an impressive client franchise,
wide product offering, and depth of people skills. This is a great bank with
great people. In recent years though, it has not met market expectations and
significant changes are needed to put Nedcor back on a superior growth path and
to restore its premier rating.
"Today, I have agreed with the board a five-point plan that addresses my
immediate priorities:
One: My first task is to review, clarify and amend our strategy where
appropriate. We must ensure that the group returns to an acceptable and
sustainable growth path. Nedcor has the necessary resources and skills to
achieve stronger growth going forward and it is incumbent on the executive
management team to unlock this potential. As part of our strategy we will
continue to fully support the principles of the financial services charter.
Two: The merger process is going well and we will ensure that it continues to be
properly implemented and that we extract the full value and targeted operational
synergies in the stated time periods.
Three: We will review the composition of the executive management team and make
any necessary changes. Nedcor has a strong pool of talent and, at this stage, I
envisage that any changes are likely to come from resources within the group. I
am passionate about accountability and give my commitment to furthering this
principle. All the members of our executive and management teams will have clear
targets and objectives to ensure that we are accountable and deliver on our
objectives. Key changes to the roles and responsibilities of the executive team
members will be announced as quickly as possible.
Four: We will ensure the spotlight is on client service excellence throughout
the bank. We will focus on ensuring our clients receive the service they deserve
and expect.
Five: We will adopt a conservative approach and ensure transparency and openness
in the way we operate and communicate both internally and externally. "
Boardman continued: "My overall sense, after having been with the Nedcor group
for 15 months, is that there is a passion within the bank to regain its position
as being South Africa"s most highly rated and respected financial institution.
"On Monday November 17, Nedcor will give a third quarter trading and integration
update to the market. We will also give a progress report on the five point plan
set out above."
Ends
Issued by:
Nedcor Ltd
For further information:
Investor Relations
Don Bowden (Tier 1 Investor Relations)
082 555 8721
Sandton
14 October 2003
Date: 14/10/2003 05:15:04 PM Supplied by www.sharenet.co.za
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