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Liberty Group’s Chairman bids farewell after 11 years of service

04 December 2014 Liberty

After more than 11 years of service, Liberty Group today announces that its chairman and non-executive director, Saki Macozoma, has resigned, with effect from 31 December 2014.

Macozoma joined the Liberty Group in 2003 and became the Chairman in 2007. He has been a part of the turnaround journey the company has been through and in addition to his group chairmanship, has also played an important role as chairman of STANLIB Limited and a number of other strategic internal committees that focused on the strategic direction of the group’s transformation agenda and directors’ affairs. The Liberty Group board extends its appreciation to Macozoma for his contribution and leadership.

Thabo Dloti, Group CE said: “We have been fortunate as the leadership team of Liberty to have had a long-serving chairman as committed to an organisation as Saki has been. We are grateful for his leadership on the board and thank him for his contribution over the last 11 years with the Liberty Group and 15 years with the Standard Bank Group.”

Macozoma commented: “It is always sad to leave. However, there is a confluence of factors that have made it the right time for me to take this step after 15 years with the group. There are opportunities that have opened up to Safika Holdings that require my full time attention if we are going to do justice to them. In addition, the leadership transition in the Group is done and is working and the restraints on me and Safika Holdings that arose out of the Katleho empowerment transaction expire on 31 December 2014. It is these factors taken together that make now the right time to bow out of the leadership of the Liberty Group."

Liberty has a strong board with diverse skills that will continue to provide the necessary direction to the organisation. Angus Band, the group’s Lead Independent Director, will act as chairman until the necessary regulatory process for board succession has been completed.

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