RMB HOLDINGS LIMITED - Joint media release: executive succession

Joint media release: executive succession

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
JSE ordinary share code: RMH
ISIN: ZAE000024501

RAND MERCHANT INSURANCE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2010/005770/06)
JSE ordinary share code: RMI
ISIN: ZAE000153102


JOINT MEDIA RELEASE: EXECUTIVE SUCCESSION

RMB Holdings (RMH) and Rand Merchant Insurance Holdings (RMI)
earlier today announced an executive succession plan to be
implemented over the next twelve months.

HERMAN BOSMAN, previously CEO of Deutsche Bank SA, will be joining
RMH and RMI as CEO designate. He will succeed Peter Cooper, who
will be retiring from his executive positions at the end of 2014,
after 22 years with the group.


Background

RMH (Market cap - R66 billion) owns 34% of FirstRand, South
Africa’s leading banking group. During 2011 RMH spun out its
insurance assets into separately listed RMI.

RMI (Market cap - R40 billion) owns strategic investments in
several pre-eminent insurance groups, being 83% of OUTsurance, 25%
of Discovery, 25% of MMI and 76% of RMB Structured Insurance.

Core shareholders of the two groups are Remgro, Royal Bafokeng
Holdings and the founders of RMH, messrs GT Ferreira, Laurie
Dippenaar and Paul Harris.


Phased Succession Plan

Herman Bosman (45) will join the RMH and RMI boards on 31 March
2014 as CEO designate of both companies.

He will succeed Peter Cooper, who intends to retire from his
executive positions in the last quarter of 2014 after 22 years of
service with the groups, the last 14 years as RMH / RMI’s sole
executive director. After the transition period it is envisaged
that Peter will continue his involvement with the group in a non-
executive capacity.
Herman holds an LLM degree (cum laude) from the University of
Johannesburg and is a Chartered Financial Analyst. He served as
Chief Executive of Deutsche Bank South Africa from 2006 to 2013.
Deutsche Bank is a leading player in the South African investment
banking arena. Prior to that he was in the employ of Rand Merchant
Bank for twelve years and ultimately headed up its corporate
finance practice between 2000 and 2006. Herman serves on the Board
of Governors of the University of Johannesburg and is a director
of Business and Arts South Africa.

GT Ferreira, Chairman of both RMH and RMI commented: “During the
last two decades RMH had the luxury of being able to dedicate
Peter’s efforts almost exclusively to our group structure and
shareholder matters. We have now pleasingly arrived at a point
where shareholders have a clear view of where they are invested
and, in the case of RMI in particular, we are getting ready to
actively build out its investment portfolio.

I have often compared executive succession as being akin to a
relay race, with one generation passing the baton to the next,
while running together for part of the race. In this hand-over we
are not only achieving that, but also have the benefit of knowing
the new runner as a result of having worked with him while he was
in the group’s employ, and also from having benefited from his
professional advice on transactions we concluded while he was away
from the group.

We welcome Herman back and are excited in taking our investments
to the next level while they are under Herman’s custodianship.”

Herman Bosman reflected on the appointment as follows: “Over the
course of my professional career, I have had a close association
with RMH, RMI, its core shareholders and the various underlying
investments. I have been impressed with the uncompromising
integrity and professionalism and with the quality of the
investments. I am excited to formalise this association into a
position which encompasses an interesting spectrum of activities
across the existing blue-chip portfolio as well as envisaged
acquisitions and new investments.”


Sandton
15 October 2013

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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