|
Firstrand - EB Nieuwoudt to replace Hillie Meyer as MD of Momentum Group Limited
FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1966/010753/06)
(Share code: FSR)
(ISIN: ZAE000066304)
(`FirstRand`)
PRESS RELEASE
EB Nieuwoudt to replace Hillie Meyer as MD of Momentum Group Limited
(`Momentum`)
FirstRand today announced that the MD of Momentum, Hillie Meyer, will be leaving
the Group at the end of September 2005 and will be replaced by EB Nieuwoudt,
currently the CEO of the FirstRand Africa and Emerging Markets division.
Meyer, who joined Momentum in 1988 and became MD in 1997, will be leaving
Momentum at the end of September 2005. He has no immediate career plans and he
intends to spend more time on his outside interests for the next year.
Commenting on Hillie Meyer`s departure, Laurie Dippenaar said; `FirstRand is
disappointed to lose an executive of the calibre and experience of Hillie. He
took over as MD of Momentum in 1997 and under his leadership Momentum`s premium
income increased from R3 billion to R13 billion and its assets under management
increased from R40 billion to in excess of R200 billion. Momentum`s profit has
increased from R139 million to R1.1 billion, an average increase throughout
Hillie`s tenure as MD of 29% per annum.`
Dippenaar also highlighted the positive prospects of the change; `FirstRand
encourages rotation of staff between Group companies. Change can be very
constructive for a company in that it creates opportunities for new energy and
fresh strategic insight. The Group is very fortunate to have the depth of talent
that allows us to do this.
`EB Nieuwoudt has been with the FirstRand Group for thirteen years, most
recently as the CEO of Africa and Emerging Markets, a portfolio he has managed
with energy and strategic skill. Following his two years as CEO of the Corporate
Cluster and four years as Group Treasurer EB has established an excellent track
record within FirstRand for driving collaboration and innovation, and he has a
very strong understanding of the Group and its businesses.
`His appointment will ensure an even closer working relationship between the
insurance and banking operations of the Group, which can only increase the
already significant collaborative initiatives taking place and further enhance
the Group`s integrated financial services model` concluded Dippenaar.
Hillie Meyer added, `I have known EB for many years and have always been
impressed with his intellect and strategic insight. He joins a strong and
experienced team, with an excellent track record and his appointment as MD has
received overwhelming support from the Momentum Board and executive management.`
EB Nieuwoudt will formally take over as MD of Momentum on 1st October 2005.
-ends-
Enquiries
Momentum
Beth van Heerden
Office 012 673 7325
Cell 082 809 2344
(Hillie Meyer will be available for interviews from 3pm)
FirstRand
Sam Moss
Office 011 282 1341
Cell 082 490 9985
19 July 2005
Sandton
Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
Date: 19/07/2005 01:30:05 PM
Produced by the JSE SENS Department
| 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 ] | |||||||||||||
|
|||||||||||||
