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ASA
AMAGB
Absa Group Limited - Dr Danie Cronje To Retire As Chairman And Director
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN code: ZAE000067237
JSE share code: ASA
Issuer code: AMAGB
("Absa" or "Absa Group")
Notice in terms of paragraph 3.59 of the Listings Requirements of the JSE
Limited
DR DANIE CRONJ TO RETIRE AS CHAIRMAN AND DIRECTOR OF THE ABSA GROUP WITH EFFECT
FROM 31ST MARCH 2007
Absa Group Limited and Absa Bank Limited announce that Dr Danie Cronj has
informed the respective boards of his decision to retire as chairman and
director of both boards with effect from 31st March 2007. Dr Cronj will
continue to be an independent director on the boards of Barclays PLC and
Barclays Bank PLC.
Absa has initiated a process to select a successor to Dr Cronj with the
intention that this person will be in place prior to 31st March 2007 in order to
ensure a smooth handover of responsibilities. This will be an independent
appointment.
Commenting, Dr Cronj says:
"I have been with the Absa Group since 1975 in a variety of roles and am pleased
to have contributed to the development of the organisation into one of the
leading banks in South Africa. Having been both deputy chief executive and
Group chief executive, and chairman since 1997, I now feel it appropriate to
hand over the reins. By the time of my retirement, it will be nearly two years
since the acquisition of a majority stake in Absa by Barclays and the
integration process will be well advanced. I will work to ensure a smooth
transition and will continue to serve on the boards of Barclays PLC and Barclays
Bank PLC as an independent director."
"Absa is well positioned to continue serving the interests of all its
stakeholders - particularly staff and customers. I am positive that Absa"s
social and economic contribution to South Africa will keep growing as it moves
further into an exciting future."
Commenting, Dave Brink, deputy chairman, Absa Group Limited and Absa Bank
Limited, says:
"Danie has contributed enormously to the success of Absa and my colleagues and I
are sorry that he will be retiring next year. He has been highly successful as
chief executive and subsequently chairman and we are delighted that he remains
involved within the wider Barclays Group."
In line with King II, the Absa board has a majority of independent directors.
This ensures that the interests of Absa"s minorities are appropriately
protected. This will continue following Dr Cronj "s departure, and his
successor will be independent on appointment.
Enquiries:
Jacques Schindeh tte
Group Executive Director
Tel: +27 (11) 350-4850
Issued by:
Jacques Badenhorst
Investor Relations
Absa Group Limited
4th floor, Absa Towers East, 170 Main Street, Johannesburg.
Tel: +27 (11) 350-4061. Fax: +27 (11) 350-6487
E-mail: jacques.badenhorst@absa.co.za
Johannesburg
11 April 2006
Lead sponsor
Merrill Lynch South Africa (Proprietary) Limited
Co-sponsor
Absa Corporate and Merchant Bank - Corporate Finance, a division of Absa Bank
Limited
Date: 11/04/2006 04:03:57 PM Produced by the JSE SENS Department
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