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NEDCOR LIMITED - APPOINTMENT OF CHIEF FINANCIAL OFFICER
Nedcor Limited
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN code: ZAE000004875
(`Nedcor` or `the group`)
APPOINTMENT OF CHIEF FINANCIAL OFFICER
The board of directors of Nedcor has pleasure in announcing the appointment of
Mike Brown as Chief Financial Officer (`CFO`) of the group with effect from
17 June 2004. He has been appointed as an executive director to the boards of
Nedcor and Nedbank Limited, and also joins the group executive committee
(`Exco`).
Mike, 38, is currently managing director of Property Finance in Nedbank
Corporate and has extensive experience in the banking industry. His appointment
follows an intensive executive search process both locally and internationally
over the past six months.
A commerce graduate from Natal University, Mike completed his articles with
Deloitte & Touche in Durban and qualified as a chartered accountant in 1988.
After working in the United States and London, he joined the NBS Treasury
department in 1993. He then moved to NBS Corporate (later BoE Corporate) and was
instrumental in establishing the Specialised Finance and Private Equity
divisions. Following the merger of NBS Corporate and the commercial and
industrial lending division of BoE Private Bank, Mike was appointed Deputy
Managing Director of BoE Corporate and then Managing Director of the division in
1999.
He was appointed an executive director of BoE Limited in October 2001 and to his
current position as head of Property Finance following the Nedcor / BoE merger.
Nedcor`s search for a new CFO was extended to include international candidates,
but after reviewing a number of these candidates it was clear that South Africa
has abundant financial skills and talent. The process included a comprehensive
evaluation of all candidates` skills, knowledge and leadership abilities.
The board of directors extends its thanks to Bob Head of Old Mutual plc who has
been acting CFO of Nedcor since January this year. He provided an objective,
outsider`s view and played an invaluable role in the comprehensive review of the
group`s financial management structure and systems. His secondment has allowed
Nedcor additional time to search for the most suitable CFO. Bob will complete
his secondment in July to ensure an orderly handover of responsibilities to Mike
Brown.
For further information contact
Tier 1 Investor Relations
Tel: +27 (0) 21 702-3102
Sandton
18 June 2004
Sponsors to Nedcor
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Date: 18/06/2004 08:30:03 AM Produced by the JSE SENS Department
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