Liberty Group Limited - Resignation of Chief Execu
LGL
LIBU
Liberty Group Limited - Resignation of Chief Executive
Liberty Group Limited
(Registration number 1957/002788/06)
(Incorporated in the Republic of South Africa)
Share Code: LGL
Issuer Code LIBU
ISIN Code: ZAE000057360
("Liberty Life")
Resignation of Chief Executive
Derek Cooper, Chairman of Liberty Life, today announced that Myles Ruck, Chief
Executive of Liberty Life, for personal reasons wishes to leave the company
after his service retention agreement expires on the 31st May 2006.
In making this announcement, he said "In the three years that Myles has been at
the helm of the company he has done an outstanding job at both a strategic and
operational level. The board is sorry that Myles will be leaving Liberty but
respect his decision. However I am pleased to say that his experience and
advice will not be lost to the group as Myles has been invited to remain on the
board of the Standard Bank Group as a non-executive director."
"It is a further compliment to Myles" foresight and planning that we are able to
announce the appointment of Bruce Hemphill, currently Chief Executive of Stanlib
Limited, to succeed Myles as Chief Executive of Liberty Life with effect from
1st June 2006. He will be joining the board of Liberty Life as will Rex
Tomlinson who will continue in his role of Deputy Chief Executive and will in
this capacity be assuming broader responsibilities."
The acquisition of Capital Alliance Limited has by and large been implemented
and Ian Kirk, former Chief Executive of Capital Alliance has indicated that,
following the successful completion of this acquisition, he would be leaving the
group to pursue his personal interests. Ian has played a key role in the swift
bedding down of the CAL acquisition and the company and board are grateful to
him for his substantial contribution and wish him well in his future endeavours.
Myles will, for a short period, remain on the Liberty Life board in order to
facilitate an effective hand over to Bruce. "Good corporate governance dictates
that he will then be retiring from the Liberty Life board" said Derek Cooper.
Bruce will, for the time being, retain responsibility for Stanlib.
Johannesburg
17 February 2006
For queries please contact:
Myles Ruck Bruce Hemphill
+27832500183 +27832526680
Sponsor
Merrill Lynch SA (Pty) Ltd
Date: 21/02/2006 08:07:25 AM Produced by the JSE SENS Department
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