Peter Mageza retires after nine years with Absa

23 February 2009 Absa

Absa Group Chief Operating Officer (GCOO) Peter Mageza will be retiring at the end of June 2009 after an illustrious career with Absa spanning nine years.

Mageza had indicated to Group Chief Executive Dr. Steve Booysen several months ago that he planned to leave Absa to pursue personal business interests outside of the Group.

Booysen said, “Peter has been a valuable member of our Group Executive Committee and the Absa Board. After much deliberation, the board and I have decided to grant Peter his wish”.

He added that Mageza would continue to play a role at Absa as a non-executive director on the boards of certain Africa subsidiaries, subject to regulatory approval, as well as serve on the Board of the Absa Foundation.

“I’m confident that Absa will continue to benefit from his experience, expertise and wise counsel, and that he will make us proud in whatever he shall be doing in the months and years to come,” said Booysen.

Mageza, a Fellow of the Association of Chartered Certified Accountants, has been a full member of the Absa Boards since September 2007 when he joined other Group Executive Directors, Booysen, Louis von Zeuner and Jacques Schindehutte.

“I have had a fulfilling and very fruitful nine years with Absa. I have learnt a lot from the Group and enjoyed a good relationship with my Exco counterparts and other colleagues. I have no doubt that with the exciting changes on the horizon, Absa will continue to grow from strength to strength,” said Mageza.

Gill Marcus, Chairperson of the Absa Group, said: “I am sorry to see Peter retire, but understand his wish to pursue business and other personal interests. We look forward to our continued interaction as Peter takes up other roles within the Group, and have no doubt Absa will continue to benefit from his valued contribution. We wish him well in his new endeavours”.

Mageza started his distinguished career with Absa in 2000 at Bankfin (now Absa Vehicle and Asset Finance – AVAF) in an executive role. He became the CEO of that division a year later and led the successful transformation of that business.

In 2003 he was appointed Executive Director responsible for AVAF, Business Bank and the wealth management cluster which included Absa Private Bank and the MLS Bank.

The following year he took over responsibility for the Absa Africa portfolio which included operations in Tanzania, Mozambique, Namibia, Zimbabwe and Angola. Mageza relinquished this role in 2006 to take up his current position as GCOO.

“The process to identify Peter’s successor is already underway and Absa will make an announcement in this regard at the appropriate time,” concluded Booysen.

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