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ASA
AMAGB
Absa Group Limited - Announcement of board change
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN: ZAE000067237
JSE share code: ASA
Issuer code: AMAGB
(Absa or the Group)
Announcement of board change
Barclays has announced today that Naguib Kheraj, Group Finance Director
will leave Barclays in the second half of 2007. Chris Lucas has been
appointed to the position of Group Finance Director in succession to Naguib
with effect from 1 April 2007.
Details pertaining to the full announcement of Barclays are set out below.
17 October 2006
Barclays Announces Board Changes
Barclays PLC (Barclays) and Barclays Bank PLC (Barclays) announce the
following changes to its Board.
CHRIS LUCAS TO BE APPOINTED GROUP FINANCE DIRECTOR
Barclays PLC and Barclays Bank PLC (Barclays) announce the following
changes to their Boards.
Chris Lucas (46) is appointed to the position of Group Finance Director
with effect from April 1, 2007 in succession to Naguib Kheraj (42).
Chris Lucas joins Barclays from PricewaterhouseCoopers (PwC) where he is UK
Head of Financial Services and Global Head of Banking and Capital Markets.
He was Global Relationship Partner for Barclays for the 1999 - 2004 year
ends and subsequently held similar roles for other global financial
services organisations. Chris Lucas has worked across financial services
accounting for most of his career, including three years in New York as
Head of the US Banking Audit Practice.
Naguib Kheraj will be responsible for the 2006 financial statements and
will continue to be available after the publication of the annual report in
March 2007 to ensure a smooth handover of responsibilities to Chris Lucas.
He intends to leave the Group in the second half of 2007.
Commenting, John Varley, Group Chief Executive, said:
"I am delighted to welcome Chris Lucas to Barclays. Chris has worked with
us for many years, is a renowned global expert on financial services and
knows Barclays intimately. He will make a great contribution to the
business.
I am very sorry that Naguib is leaving us. He has made an outstanding
contribution to Barclays and has been a great partner to me in my role as
Group Chief Executive. I would have been delighted for Naguib to stay with
Barclays for all his career but I respect his decision to broaden his
career experience. We have a well defined and clear transition plan."
Commenting, Naguib Kheraj, Group Finance Director, said:
"It has been an immensely rewarding experience both personally and
professionally to have worked for Barclays over the last nine years in a
variety of roles, culminating in the position of Group Finance Director for
the past three years. We have made tremendous progress and delivered very
good results to shareholders. I have never considered myself a lifetime
Finance Director and I believe now is the right time to move on to the next
stage of my career."
Commenting, Chris Lucas, said:
"I am delighted to be joining Barclays at this time of rapid growth. The
business is one of the best performing in the industry with an extremely
strong management team."
Enquiries
Jacques Schindehutte
Title: Group executive director
Tel: (+2711) 350-4850
e-Mail: jacquessc@absa.co.za
Issued by:
Jacques Badenhorst
Investor Relations
Absa Group Limited
4th floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: (+2711) 350-4061 Fax: (+2711) 350-6487
E-mail: jacques.badenhorst@absa.co.za
Lead sponsor
Merrill Lynch South Africa (Proprietary) Limited
Co-sponsor
Absa Capital - Corporate Finance, a division of Absa Bank Limited
Johannesburg
17 October 2006
Date: 17/10/2006 09:35:07 AM Produced by the JSE SENS Department
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