Wrap Text
ASA / ABSP - ABSA Group Limited / ABSA Bank Limited - Barclays Plc - CEO
succession
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN: ZAE000067237
JSE share code: ASA
Issuer code: AMAGB
(Absa Group or Absa)
ABSA BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/004794/06)
ISIN: ZAE000079810
JSE share code: ABSP
(Absa Bank)
BARCLAYS PLC - CEO SUCCESSION
Shareholders of Absa Group are advised that Barclays PLC, majority shareholder
of the Absa Group, released the announcement as set out below, on 7 September
2010.
Barclays PLC
John Varley to step down as Group Chief Executive; to be succeeded by Robert E
Diamond Jr
Barclays PLC and Barclays Bank PLC ("Barclays") announce that John Varley
intends to step down as Group Chief Executive, and from the Barclays Boards and
the Group Executive Committee, on 31 March 2011, and that he will be succeeded
by Robert E Diamond Jr. From 1 October 2010, Bob Diamond will be President and
Deputy Group Chief Executive. Bob Diamond currently leads the Corporate and
Investment Banking, and Barclays Wealth businesses of the Group. He has been a
member of the Board of Barclays since 2005.
John Varley will become a senior advisor on regulatory matters to Bob Diamond
and to the Board of Barclays until 30 September 2011.
Marcus Agius, Barclays Chairman, said today:
"John Varley has made an extraordinary contribution to Barclays during his long
service with the Group and the Board is grateful to him for the tremendous
progress Barclays has made during his tenure as Group Chief Executive.
I am delighted that Bob Diamond will be his successor. He is superbly
qualified, with more than 30 years` experience in the banking sector, the last
14 of which have been with Barclays. He has a proven track record as a business
leader, and I and the Board very much look forward to working with him in his
new role.
John and Bob have worked closely together for many years. In making this
appointment, the Board is consciously ensuring continuity in management,
strategy and our focus on delivering for customers, clients and shareholders.
Barclays has been extremely fortunate to have had a banker of John`s quality at
the helm since he took over in 2004. It is equally fortunate to have an
internal successor of Bob`s calibre to succeed him."
John Varley, Group Chief Executive, said:
"It has been a great privilege to lead Barclays as Chief Executive and to serve
our customers, clients and shareholders in a number of roles during my career
here. What we have achieved over the last seven years has been achieved because
of the immense and constant support I have had from my Chairman, the Board and
my senior team, and from my 150,000 colleagues in the Group. Barclays is in the
strong position it is today because of their commitment, passion and focus.
I am delighted that the Board has appointed Bob as my successor. What he has
accomplished in his various roles at Barclays demonstrates clearly that he is a
great banker and leader, and an outstanding business builder; I know that
Barclays will flourish under his stewardship.
Bob and I have worked closely together as President and Chief Executive in
building Barclays over the past years. I look forward to working with him as he
transitions into his new role."
Bob Diamond, President of Barclays, said:
"I am honoured by the Board`s confidence in me and greatly motivated by the
challenge of leading Barclays during the critical period ahead. It has been a
privilege to work alongside John for the last 14 years. He has been a great
colleague, partner and leader. John`s exemplary leadership of Barclays has
placed the Group in a terrific position to take advantage of the opportunities
before us and to maintain our momentum in a changing world. I am pleased that
John will continue to work with me on the very important area of regulatory
matters. Together, we will ensure a seamless transition.
For more than 300 years, Barclays has prospered by maintaining its focus on its
clients and customers in all environments, including times of extraordinary
change. More than ever our clients and customers around the globe require the
best products, advice and execution from us. As a leading global universal
bank, Barclays has the right model, the right strategy, and above all the right
people to deliver for all our stakeholders. We face the future with
confidence."
Barclays Capital
Jerry del Missier and Rich Ricci, will become Co-Chief Executives of Barclays
Capital, effective 1 October 2010, in addition to being Co-Chief Executives of
the Corporate and Investment Bank.
Group Executive Committee
Apart from the change in Group Chief Executive the composition and membership of
the Group Executive Committee will remain unchanged.
On behalf of the Absa Board
David Hodnett
Absa Group Finance Director
Johannesburg
7 September 2010
Enquiries
Alan Hartdegen
Head: Investor Relations
Absa Group Limited
3rd Floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: +2711 350 2598, Fax: +2711 350 5924
E-mail: Alan.Hartdegen@absa.co.za
Sponsor:
J.P. Morgan Equities Limited
Date: 07/09/2010 11:29:01 Supplied by www.sharenet.co.za
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