Nedcor chief executive Richard Laubscher on Monday announced his intention to step down from his position by the end of this year after 10 years in the post.
Laubscher will hand over the reins to his successor during the next few months.
Nedcor chairperson Chris Liebenberg said the group would be making an announcement on the appointment of the new chief executive in the near term.
The board’s nominations committee, said Liebenberg, had a short-list of suitable successors that included possible successors from within the group as well as external candidates.
Liebenberg said: “The Nedcor board is deeply appreciative of the considerable contribution that Richard Laubscher has made over the past 32 years with the group.”
Nedcor further announced that it wanted to align market and analysts’ expectations for 2003.
Following Nedcor’s disappointing interim results for the six months ended June 30 2003, which were below market expectations, analysts have updated their estimates of results for the full year to December 31 2003.
Due to the volatility of interest and exchange rates, the uncertain nature of various revenue streams and the accounting complexities of the mergers, analysts’ expectations of Nedcor’s core earnings cover a wide range.
The current analysts’ consensus estimate of core earnings per share (based on Nedcor’s internal view of consensus) is 1 204 cents (2002 — 1 330 cents). — Sapa