Mutual & Federal welcomes Magwaza as new chairman

Bruce Campbell, Managing Director of leading short-term insurer Mutual & Federal, today (Wed. May 3) welcomed the boards appointment of Mr Johannes Bhekumuzi JB Magwaza as chairman with effect from termination of the Annual General Meeting of the company on 3 May 2006. Mr Magwaza is taking over the chairmanship following the retirement of Mr Ken Saggers.

Mr Magwaza, a prominent Durban-based businessman, is a member of the board of Nedbank and a director of several major companies. He is a past president of the Institute of Personnel Management of South Africa and founder chairman of the National Economic Initiative. He also served on the National Manpower Commission.

Bruce Campbell noted: On behalf of the entire executive team and all staff members of Mutual & Federal I would like to wish Mr Magwaza every success in his new position. His involvement will give renewed impetus to the Mutual & Federal strategy of organisational transformation and broad-based empowerment. This is a milestone on the road to our total alignment with the needs of all South Africans and the demands of an increasingly dynamic and diverse marketplace.