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 | Liberty Life's chief executive resigns |  |  |
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21 February 2006
Derek Cooper, Chairman of Liberty Life, has announced that Myles Ruck, Chief Executive of Liberty Life, for personal reasons wishes to leave the company after his service retention agreement expires on the 31 May 2006.
In making this announcement, Cooper said: "In the three years that Myles has been at the helm of the company he has done an outstanding job at both a strategic and operational level. The board is sorry that Myles will be leaving Liberty but respect his decision.
"However, I am pleased to say that his experience and advice will not be lost to the group as Myles has been invited to remain on the board of the Standard Bank Group as a non-executive director."
"It is a further compliment to Myles' foresight and planning that we are able to announce the appointment of Bruce Hemphill, currently Chief Executive of Stanlib Limited, to succeed Myles as Chief Executive of Liberty Life with effect from 1 June 2006.
"He will be joining the board of Liberty Life as will Rex Tomlinson who will continue in his role of Deputy Chief Executive and will in this capacity be assuming broader responsibilities."
The acquisition of Capital Alliance Limited has by and large been implemented and Ian Kirk, former Chief Executive of Capital Alliance has indicated that, following the successful completion of this acquisition, he would be leaving the group to pursue his personal interests.
"Ian has played a key role in the swift bedding down of the CAL acquisition and the company and board are grateful to him for his substantial contribution and wish him well in his future endeavours.
Ruck will, for a short period, remain on the Liberty Life board in order to facilitate an effective hand over to Hemphill.
"Good corporate governance dictates that he will then be retiring from the Liberty Life board" said Derek Cooper.
Hemphill will, for the time being, retain responsibility for Stanlib.
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