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Meyer moves

21 July 2005 Angelo Coppola

Hillie Meyer leaves Momentum and the FirstRand group at the end of September and is replaced by EB Nieuwoudt, currently the CEO of the FirstRand Africa and Emerging Markets division.

Meyer, who joined Momentum in 1988 and became MD in 1997, will be leaving Momentum at the end of September 2005. He has no immediate career plans and he intends to spend more time on his outside interests for the next year.

He took over as MD of Momentum in 1997 and under his leadership Momentum’s premium income increased from R3bn to R13bn and its assets under management increased from R40bn to in excess of R200bn.

Momentum’s profit has increased from R139m to R1.1bn, an average increase throughout his tenure as MD of 29% per annum.

Speaking exclusively to FA News Meyer said:"I would like to believe I have taken a few bold steps for Momentum, but this I am doing for myself.

"I want to take a total break from the corporate environment for at least a year. I am, amongst other things, going to spend time travelling, learning a new language in the country where it is spoken and spend time with my family."

Editor’s thoughts:

* So if he is so successful why not try and keep him – surely the group is big enough to accommodate him somewhere?

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