Metropolitan - Metropolitan appoints new chairman
Metropolitan Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 2000/031756/06
JSE Code: MET
NSX Code: MTD
ISIN Code: ZAE000050456
(`Metropolitan`)
Metropolitan appoints new chairman
Gloria Tomatoe Serobe is standing down as chairman of Metropolitan Holdings in
favour of Eric Molobi, executive chairman of Kagiso Trust Investments,
Metropolitan`s strategic business partner, so as to afford Kagiso greater scope
for active involvement in the group`s future development. Molobi will take over
from Serobe with effect from 1 January 2005.
The handover will allow Serobe more time to devote to the chairmanship of the
Life Offices` Association (LOA), a position to which she has recently been
appointed, as well as to her responsibilities as a member of the newly
established Financial Sector Charter Council.
Serobe says she is grateful for the unique opportunities she has had as the
first woman to chair a major financial services group in South Africa
(Metropolitan is the country`s 4th largest life insurer). Guiding the board of
the leading empowerment player in the financial services sector has presented
her with exciting challenges, not the least of which has been leading directors
from widely divergent backgrounds, ranging from ex trade unionists and
politicians to actuaries and chartered accountants.
She also highlights the fact that it has been a great honour for her to continue
the work done by distinguished predecessors such as Judge Dikgang Moseneke and
Dr Nthato Motlana in transforming Metropolitan. In addition, during the past
year she has steered Metropolitan towards the successful conclusion of its
highly acclaimed, fully funded empowerment transaction with Kagiso, and
personally played a leading role in the ongoing development of the Financial
Sector Charter.
The fact that the group has achieved a remarkable operational turnaround during
Serobe`s four years at the helm is another particular source of pride to her.
Serobe remains committed to Metropolitan, and will continue to serve on the
boards of both Metropolitan Holdings and Metropolitan Life. She will also
continue to represent the group on the LOA.
Incoming chairman Molobi has a wealth of financial expertise and experience from
which Metropolitan has already benefited significantly at both a strategic and
an operational level. Over and above his proven track record, his unimpeachable
personal and professional integrity are invaluable assets, as are Kagiso`s
extensive business networks and networking capabilities.
Metropolitan is looking forward to Molobi`s enhanced level of participation in
conjunction with increased support from Kagiso across the full spectrum of its
business activities, helping it to sustain its competitive advantage as the
country`s most empowered financial services group.
Cape Town
9 December 2004
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 09/12/2004 09:00:09 AM
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