The group announced today an executive succession plan to be implemented over the next 12 months.
Herman Bosman, previously chief executive officer (CEO) of Deutsche Bank SA will succeed Peter Cooper as CEO. Cooper will be retiring from his executive position at the end of 2014, after 22 years of service with the group. After the transition period, it is envisaged that Peter will continue his involvement with the group in a non-executive capacity.
“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,” said Bosman.
“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.”
RMH owns 34 per cent of FirstRand Bank, one of South Africa’s leading banking groups while RMI owns investments in insurance companies such as 83 per cent of Outsurance, 25 per cent of Discovery, 25 per cent of MMI and 76 per cent 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.
GT Ferreira, chairman of both RMH and RMI, welcomed Bosman to the board while giving thanks to Cooper for his service over the years.
“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,” he said.
“We welcome Herman back and are excited in taking our investments to the next level while they are under Herman’s custodianship.”