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Johannesburg - Mervyn King has retired as a
director of Brait SA and is standing down as non-executive chair of
the board with immediate effect, the company announced on Monday.
He is being succeeded by former Deputy Finance Minister Jabu Moleketi.
Prof King, the doyen of corporate governance in South Africa, has been
chairman of Brait since 1998. A former Judge of the High Court, he is the
chair of the King committee on corporate governance, a member of the
Securities Regulation Panel and chaired the United Nations Steering
Committee to review governance within the UN.
"Mervyn has made an invaluable contribution to Brait," said Brait CEO,
Antony Ball. "We wish him all the very best for his future. His replacement
is part of long term strategic and succession planning."
Moleketi was Deputy Minister of Finance from April 29, 2004 to September
23, 2008. He was chair of the Public Investment Corporation and had an
oversight role over the Financial Services Board. In 1994, he was appointed
MEC for Finance in the Gauteng Provincial Government.
As Gauteng's first finance MEC in the democratic era, he was responsible
for developing and implementing a financial system for the province.
Ball said the board was delighted to welcome Moleketi. "As Deputy
Finance Minister, he played an invaluable role in promoting South Africa
abroad. He is well known to global financial institutions and brings with
him a wealth of experience in the South African financial sector."
- I-Net Bridge