News circulated in the industry this week regarding the future change in leadership at Zurich Insurance Company South Africa. However, some information in the release was not factually correct.
The origin of the news was a release by the Johannesburg Stock Exchange on the 29th of November, which read as follows:
Change to the Board of Directors
In compliance with the JSE Limited Listings Requirements, the following information is disclosed:
Zurich today announced the planned retirement of the Chief Executive Officer (“CEO”), Guy Munnoch. After more than 14 years of dedicated service to Zurich, Munnoch will retire from his current role in South Africa at the end of May 2012.
The Company confirmed that the CEO succession plan is at an advanced stage and expects to announce Munnoch`s successor in due course.
Johannesburg
The JSE release contained information regarding the retirement of Guy Munnoch from his current role and not, as communicated by other media sources, general retirement. COVER will provide you with more information when appropriate.