PDA

View Full Version : Another Absa top dog bites the dust



robt
03-14-2012, 03:22 PM
Garth Griffin, Chairman of the Absa Group (ASA) and Absa Bank boards, has announced his intention to retire once a successor is appointed.

Griffin will be available for re-election as a director at the Absa Group Annual General Meeting on 3 May 2012 and, if re-elected, will continue to serve as Chairman until such time as a successor is appointed.

Griffin has served on the Absa Group and Absa Bank boards since 2001 and took up the position of chairman of these boards on 1 October 2010.

On behalf of all members of the board, Maria Ramos, Absa Group Chief Executive, said: “Garth has brought strong leadership and years of experience in the financial sector to the Absa boards. His contribution to our business over the past 11 years has been invaluable and we are grateful that he has offered to remain in his role as chairman until we have appointed a successor.”

An announcement on Griffin's successor will be made in due course, the group said.

I'm really starting to worry about Absa - it makes me very nervous that so many of the top executives are jumping ship.

So now my question is do you hang on to the shares or drop them like a hot potatoe? :)

McT
03-14-2012, 06:37 PM
Bruce Whitfield on 702 earlier reported that their share price closed 1% up today despite the resignation. With that sort of thing I would have thought it would have traded down. Maybe the shareholders are just getting used to this :p