Standard Bank Group has today appointed Liberty Chief Executive David Munro as its new Group Executive to lead the integration of the insurance and asset management company into the Group.
This follows the delisting of Liberty Holdings Limited from the JSE on 1 March 2022 and the 100% acquisition of its shareholding by the Standard Bank Group.
Standard Bank Group Chief Executive, Sim Tshabalala, says: “We will now be able to bring the Group’s insurers, asset managers and bankers closer together in order to create a more united whole that will be far greater than the sum of its parts. Together, we will build a fiercely competitive African financial services giant”.
Munro is not new to Standard Bank Group, having made an immense contribution over his 26-year career with the Group, first in Corporate and Investment Banking and then as CE of Liberty, which he led with great distinction under extraordinarily difficult circumstances, and where he achieved impressive strategic progress.
“David is widely recognised as one of South Africa’s most accomplished corporate leaders. We are fortunate to draw on his formidable combination of expertise and energy in this new role. He will continue to serve on the Standard Bank Group Leadership Council and will report to me. His appointment remains subject to regulatory approval, which is in process,” says Tshabalala.
Also today, the Liberty Board announced the appointment of Yuresh Maharaj as the new Chief Executive of Liberty. Currently, Liberty’s Financial Director, Yuresh has a deep knowledge and understanding of the Liberty business and has been a key role player in the formulation and execution of its strategy.
Standard Bank Group has taken the opportunity to restructure the Liberty Board. Yunus Suleman has taken over from Jacko Maree as Chairman. In addition to Yunus, the following current independent Board members have agreed to remain on the Liberty Board: Carol Roskruge Cele, Howard Walker, Nooraya Khan, Simon Ridley and Nick Criticos.
In addition to Jacko, Jim Sutcliffe, Thembisa Skweyiya, Prins Mhlanga and Laura Hartnady have resigned from the Board, effective 2 March 2022. To ensure continuity, David will stay on as a member of the Liberty Board and as Chairman of Stanlib, while Yuresh will remain an executive director of the Liberty Board.
Tshabalala thanked the outgoing Liberty Board members, as well as David for leading Liberty in the last 5 years.