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FirstRand today announced some important changes to its management structure

06 March 2015 FirstRand

• Sizwe Nxasana will retire as CEO of the group after 9 years at FirstRand. • Johan Burger, currently Group Deputy CEO, will be appointed Group CEO. • Alan Pullinger, currently CEO of RMB, will be appointed Group Deputy CEO.

All of these appointments will be effective 30 September 2015. Subject to regulatory approval, it is the board’s hope that Sizwe will re-join the FirstRand main board as non-executive deputy Chairman in 2017.

Sizwe Nxasana’s tenure as CEO has been characterised by a23% compound annual growth rate in earnings from R8.3 billion to R18.7 billion (at 30 June 2014) and superior returns generated for shareholders. He maintained and further strengthened the “owner manager” culture that remains key to the Group’s success.

Johan Burger has been deputy CEO of FirstRand since 2013 and prior to that he was Group Chief Operations Officer from 2009 as well as Group CFO since 2002. He started his career with RMB in 1987 and has, in partnership with Mr Nxasana, driven the Group’s growth strategy over the past 5 years. Mr Burger has a deep understanding of FirstRand’s operations and the board believes he is the ideal candidate to lead the Group.

Mr Pullinger joined the Group in 1998 and has been the CEO of RMB since 2008overseeing a successful restructuring of the business model. This has enabled RMB to evolve into a leading African corporate and investment bank with a portfolio of high quality businesses with sustainable earnings streams. Mr Pullinger’s successor as CEO of RMB will be announced in due course

Commenting Sizwe Nxasana said;

“After five years as CEO of the group and four years as CEO of FirstRand Bank, as well as the great progress we have made implementing our strategy, I believe it is time to step down. Johan has partnered me in executing on what has proved to be a successful strategy so far. Given Johan’s deep understanding of FirstRand’s operations he is the ideal candidate to lead the group forward from here and Alan’s appointment as Deputy CEO perpetuates this very successful partnership model.”

The group is fortunate to have the necessary depth and quality of management to enable a sustainable succession process.

 

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