| Fri 21 Nov 2003, 17:05 | | Absa restructures executives' portfolios within th |
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Absa restructures executives" portfolios within the Group and announces two new
positions
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN CODE: ZAE000013389
JSE CODE: ASA
("Absa" or "the Group")
Absa restructures executives" portfolios within the Group and announces two new
positions
Absa has announced a restructuring of the portfolios of the Group executive
committee (Exco). In terms of the restructure Ms Laetitia van Dyk and Peter
Mageza will also join Group Exco and the Absa Bank board as alternate directors.
"This restructuring has been effected as a refinement of the Group"s business
model and is a culmination of a series of changes in support of the Group"s
strategy," says Absa"s Group chief executive Nallie Bosman. He says a number of
portfolios have been created within the Group to provide a segmental focus,
provide a transformation focus and to ensure the development of cutting edge
products to succeed in the future.
The two new executives will manage the following newly created portfolios:
Laetitia van Dyk - Shared Services, which includes Group Marketing, Group
Communication and Public Affairs, Black Economic Empowerment and Group People
Management.
Peter Mageza - Wealth Management, which includes MLS Bank, Absa Private Bank,
Personal Financial Services and Absa Vehicle and Asset Finance. He will also act
as managing executive of Absa Vehicle and Asset Finance.
Laetitia van Dyk has been in charge of Absa People Management. She holds an MA
degree in psychology, a MBA and an international specialised masters degree in
consulting and coaching for change. She joined the Group in 1985.
Peter Mageza is the managing executive of Absa Vehicle and Asset Finance. He is
a Fellow of The Association of Chartered Certified Accountants (FCCA) and joined
Absa in January 2000.
Lawrence Mlotshwa, currently general manager: People Management Specialist
Services, will succeed Ms Van Dyk as Group executive: People Management.
After the promotions and changes to portfolios, executive responsibilities will
be as follows:
Steve Booysen - Corporate and Business Banking, which includes Absa Corporate
and Merchant Bank, international offices, Abvest and Business Banking Services
(incorporating large and medium business, agriculture, public sector and
commercial property finance (CPF)).
Louis Von Zeuner - Retail Banking, which includes Flexi Banking Services, Retail
Banking Services, Small Business, Africa Desk and Integrated Channel Management.
Israel Skosana - Core Banking Products, which includes Absa Home Loans, Absa
Card, AllPay and Group Payment Systems.
Charles Erasmus - Group bancassurance portfolio, which includes Absa Fiduciary
and Investment Services, Absa Life Limited, Absa Insurance Company Limited,
Absa Syndicate Investments Limited, Absa Consultants and Actuaries
(Proprietary) Limited, Absa Health Care Consultants (Proprietary) Limited, Absa
Brokers (Proprietary) Limited and Absa Investment Management Services
(Proprietary) Limited.
Frans du Toit - Group Finance, Group Legal Services, Group Economic Research,
Group Secretariat and Corporate Governance, Group Investor Relations and
strategic investments.
Pieter van der Merwe - Information Technology and Operations and includes Group
Business and Technology Services, Real Estate Asset Management (Ream), Group
Procurement and Logistics, Group Administration and Group Information
Management.
"The restructuring will result in equitable distribution of accountability and
risk sharing, leverage the current knowledge base of the Executive Directors,
enhance the diversity of thought and skills at top management level and grow top
management talent." says Bosman.
The following executives will report to Group chief executive Nallie Bosman:
Deputy Group chief executive Rupert Pardoe, Pieter van der Merwe, Charles
Erasmus, Frans du Toit, Eddie Swanepoel Group executive, Enterprise-wide Risk
Management) and Izanne Beukes (Group executive: Group Strategy)..
The following executives will report to deputy Group chief executive Rupert
Pardoe: Laetitia Van Dyk, Steve Booysen, Louis Von Zeuner, Israel Skosana, Peter
Mageza and Johan Geldenhuys (Group executive: Credit and Risk Management
Organisation (CRMO).
These changes will be effective from 1 December 2003.
Issued by: Willie Roux
General manager: Investor Relations
(011) 350-4061.
For more information, please contact:
Nallie Bosman
Group chief executive
(011) 350-6855
Date: 21/11/2003 04:50:03 PM Produced by the JSE SENS Department
