RMB Holdings Says Bosman to Succeed Cooper as CEO at End of 2014
Stock Chart for RMB Holdings Ltd (RMH)
Herman Bosman, former chief executive officer of Deutsche Bank AG’s South African unit, will replace Peter Cooper as CEO of RMB Holdings Ltd. and Rand Merchant Insurance Holdings Ltd. at the end of next year.
Bosman, 45, will join the boards of the two companies on March 31 and succeed Cooper when he retires after 14 years as their sole executive director, Johannesburg-based RMB said in a statement today. Bosman worked at Rand Merchant Bank for 12 years and was head of its corporate finance practice before joining Deutsche Bank in 2006.
“We welcome Herman back and are excited in taking our investments to the next level,” GT Ferreira, chairman of both RMB and RMI, said in the statement. The company “benefited from his professional advice on transactions we concluded while he was away from the group,” he said.
Bosman, who has a master’s in Law from the University of Johannesburg, announced he was quitting Deutsche Bank in February, saying his role at the German lender didn’t hold enough potential for development. Deutsche Bank was the biggest adviser on South African mergers and acquisitions at the time.
RMB Holdings owns 34 percent of South Africa’s second-largest bank FirstRand Ltd. (FSR), while RMI Holdings (RMI) holds 83 percent of insurer OUTsurance and 25 percent of medical-insurance provider Discovery Ltd.
RMB’s share price rose 1.8 percent to 48.33 rand, its highest close since November 1992 when Bloomberg started tracking the stock. RMI jumped 4.1 percent, the most in more than two years, to 27.59 rand in Johannesburg trading.
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