|
PGR
PGR
Peregrine holdings limited - Leadership changes at Peregrine
Peregrine Holdings Limited
(Registration number 1994/006026/06)
JSE code: PGR & ISIN code: ZAE000015152
("Peregrine" or "the company")
LEADERSHIP CHANGES AT PEREGRINE
Louis Fourie, Executive Chairman of private wealth management company
Citadel and its listed parent, Peregrine Holdings, has announced his
retirement from the group. The motivating factor behind Fourie"s decision
is the desire to take a break from corporate life. His exit will become
effective 1 November 2006.
Fourie (47), co-founder of Citadel 13 years ago, has served as Citadel"s
Chairman for the past ten years. He was appointed Chairman of the
Peregrine board following Peregrine"s acquisition of Citadel in 2002.
Under Fourie"s guidance, Citadel has grown into one of South Africa"s
dominant wealth management businesses, today managing private client wealth
of over R11 billion. The Peregrine group, which reported record
attributable earnings of R252 million for its financial year to 31 March
2006, is today recognised as a leader in alternative asset management in
South Africa.
Sean Melnick, co-founder and current CEO of the Peregrine group, will
relinquish his position as group CEO in order to assume the Executive
Chairmanship of the group. In this role, Melnick will focus on managing the
group"s growing balance sheet and will continue to play a leading role in
steering the group"s strategic direction whilst remaining a primary point
of contact for investor interaction.
Keith Betty, who has enjoyed a close working relationship with both Fourie
and Melnick over the past five years, has been offered and has accepted the
position of Peregrine group CEO, whilst retaining his current role as
Citadel CEO. This dual role will require several changes in responsibility
within Citadel which will be implemented in due course.
Betty will assume responsibility for the group"s day to day operations from
1 November 2006. Betty (40), a Chartered Accountant, joined Citadel in 1998
after successful careers at both Alexander Forbes and Investec. He was
appointed as Citadel CEO in July 2002 and has been an invitee to Peregrine
board meetings for the past three years.
The executive functioning of the Peregrine group will be augmented by an
executive committee comprising several key and long-standing Holdings"
individuals as well as the managing directors of Peregrine"s most
significant business divisions.
2006 marks a decade since the inception of the Peregrine group. The
Peregrine board is unanimously of the opinion that the changes to the
executive structure of the group announced today will provide substantial
impetus to a new and exciting era of growth for the group.
The Peregrine board would like to take this opportunity to publicly thank
Louis for his unique contribution to the group over the years and for the
pivotal role that he has played in helping to establish the Peregrine group
as one of South Africa"s leading wealth and asset management operations.
An announcement on further board appointments relating to the group"s
proposed BEE deal can be expected in due course.
14 August 2006
Sponsor
Java Capital (Proprietary) Limited
Date: 14/08/2006 11:23:09 AM 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 ] | |||||||||||||
|
|||||||||||||
