RMB Holdings [JSE: RMH] announced sweeping changes to its board on Tuesday, including the resignation of founding directors Paul Harris and Laurie Dippenaar, following the completion of the unbundling of its shareholding in FirstRand Limited. The two directors have been on the board for 32 years.
The resignations would be effective immediately, the company said in a notice to shareholders on the JSE Stock Exchange News Service.
RMH received approval from shareholders to proceed with the unbundling at the end of May, marking the end of a nearly three-decade history between the two companies.
Outside of the resignation of Harris and Dippenaar, the directors who stepped down from the board include Jannie Durand, Johan Burger, Ralph Mupita, David Frankel and Francois Knoetze.
Paul Harris. Photo: Forbes
Sonja de Bruyn has been appointed as interim chair until the annual general meeting in December 2020, with Murphy Morobe as lead independent director.
The new board will further include Herman Bosman, Peter Cooper, Albertinah Kekana, Udo Lucht, Mamongae Mahlare, James Teeger and Murphy Morobe.
RMH, whose major shareholders are investment holding company Remgro, Royal Bafokeng Holdings and the Public Investment Corporation, announced in November last year that it was looking to unbundle its 34.1% stake in the banking group.
Post unbundling, RMH will remain focused on its property portfolio.
Compiled by Marelise van der Merwe