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EB Nieuwoudt to leave Momentum CFO Nicolaas Kruger takes over CEO role

27 November 2008 Momentum

The FirstRand Group (FirstRand) today announced that EB Nieuwoudt has resigned as CEO of its insurance subsidiary the Momentum Group (Momentum) and Nicolaas Kruger (pictured), currently the CFO of Momentum, has been appointed as his replacement effective 1st January 2009.

After a career of more than 16 years with FirstRand, of which the last 3years he spent as CEO of Momentum, Nieuwoudt has decided to exit the corporate world to pursue his own interests. He does not have any immediate plans, but will effect an orderly transition to Nicolaas Kruger until the end of March 2009.

Commenting on Nieuwoudt’s departure, FirstRand CEO Paul Harris said:

“FirstRand is disappointed to lose a team member of EB’s calibre, and Momentum certainly has benefited over the last few years from his broader financial services and banking experience. He did an outstanding job and brought a fresh perspective at a time of significant regulatory and competitive pressures in the insurance industry. His contribution to the strategic direction of Momentum means that Nicolaas Kruger takes over a business with a strong competitive position in the market, underpinned by a very sound strategy. The Group’s deep pool of talent has allowed us to appoint a replacement with the requisite experience, skills and strategic insight to take Momentum forward.”

Nicolaas Kruger started his career at Momentum in 1991 and qualified as an actuary in 1992. He became chief actuary in 1997, at the age of 29, and held this position for 10 years. He was involved in the integration of various acquisitions including Southern Life, Sage, Sovereign Health and African Life Health. He was appointed CFO in 2007.

In the CFO role he worked very closely with EBNieuwoudt developing the strategic direction of Momentum, utilising financial and actuarial management as a platform to pro-actively enhance shareholder value, particularly through its capital management strategy. Nicolaas also gained broad industry experience representing Momentum on various forums (including the board of the LOA) and was extensively involved with the negotiations between the life insurance industry and National Treasury to formulate and agree the Statement of Intent in December 2005.

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