11th Apr 2006 15:12
Barclays PLC11 April 2006 Barclays PLC Shareholders are advised that Absa Group Limited ("Absa"), in which Barclays PLChas a shareholding of over 56%, has today issued the following announcement: ABSA GROUP LIMITED(Incorporated in the Republic of South Africa)(Registration number: 1986/003934/06)ISIN code: ZAE000067237JSE share code: ASAIssuer code: AMAGB("Absa" or "Absa Group")Notice in terms paragraph 3.59 of the Listings Requirements of the JSE Limited DR DANIE CRONJE TO RETIRE AS CHAIRMAN AND DIRECTOR OF THE ABSA GROUP WITH EFFECT FROM 31ST MARCH 2007 Absa Group Limited and Absa Bank Limited announce that Dr Danie Cronje hasinformed the respective boards of his decision to retire as chairman anddirector of both boards with effect from 31st March 2007. Dr Cronje willcontinue to be an independent director on the boards of Barclays PLC andBarclays Bank PLC. Absa has initiated a process to select a successor to Dr Cronje with theintention that this person will be in place prior to 31st March 2007 in order toensure a smooth handover of responsibilities. This will be an independentappointment. Commenting, Dr Cronje says: "I have been with the Absa Group since 1975 in a variety of roles and am pleasedto have contributed to the development of the organisation into one of theleading banks in South Africa. Having been both deputy chief executive and Groupchief executive, and chairman since 1997, I now feel it appropriate to hand overthe reins. By the time of my retirement, it will be nearly two years since theacquisition of a majority stake in Absa by Barclays and the integration processwill be well advanced. I will work to ensure a smooth transition and willcontinue to serve on the boards of Barclays PLC and Barclays Bank PLC as anindependent director." "Absa is well positioned to continue serving the interests of all itsstakeholders - particularly staff and customers. I am positive that Absa'ssocial and economic contribution to South Africa will keep growing as it movesfurther into an exciting future." Commenting, Dave Brink, deputy chairman, Absa Group Limited and Absa BankLimited, says: "Danie has contributed enormously to the success of Absa and my colleagues and Iare sorry that he will be retiring next year. He has been highly successful aschief executive and subsequently chairman and we are delighted that he remainsinvolved within the wider Barclays Group." In line with King II, the Absa board has a majority of independent directors.This ensures that the interests of Absa's minorities are appropriatelyprotected. This will continue following Dr Cronje's departure, and his successorwill be independent on appointment. Enquiries:Jacques SchindehutteGroup Executive DirectorTel: +27 (11) 350-4850 Issued by:Jacques BadenhorstInvestor RelationsAbsa Group Limited4th floor, Absa Towers East, 170 Main Street, Johannesburg.Tel: +27 (11) 350-4061. Fax: +27 (11) 350-6487E-mail: [email protected] April 2006 Lead sponsorMerrill Lynch South Africa (Proprietary) Limited Co-sponsorAbsa Corporate and Merchant Bank - Corporate Finance, a division ofAbsa Bank Limited For further information, please contact: Barclays PLCMark Merson Alistair SmithDirector, Investor Relations Head of Corporate Public Relations+44 (0) 20 7116 5752 +44 (0) 20 7116 6132 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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