November 17, 2009

Quizzed by Moneyweb during yesteday (Saturday)’s conference call to introduce the incoming Chairman Fred Phaswana, Cooper said the search for a successor had been a thorough and transparent one. After the two deputy chairmen had recused themselves, there were only two candidates left.Before Cooper, it was traditional that the CEO became chairman but Jacko Maree was not considered “because Jacko is far too deeply involved and he remains critical to the future of the group”.

Phaswana was selected largely for his wisdom and leadership. He was formerly chairman of Anglo American SA, Anglo Platinum, Transnet and a director of BP Southern Africa, Brimstone Investments and Naspers.Cooper said his background and his understanding of business processes, his leadership qualities and his understanding of SA business dynamics stood out.“I personally came in from industry and had to learn the technical aspects over time. We have very strong committees overseeing the group’s vital functions.