IMPERIAL HOLDINGS LIMITED - Resignation and Appointment of Group Chief Executive Officer

Resignation and Appointment of Group Chief Executive Officer

Imperial Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1946/021048/06
Share code: IPL
ISIN: ZAE000067211
(“Imperial”)


RESIGNATION AND APPOINTMENT OF GROUP CHIEF EXECUTIVE OFFICER



Resignation

It is with regret that the Board of Imperial Holdings Limited today
accepted the resignation of Group Chief Executive Mr Mark Lamberti
with effect from 30th April 2018.



This development arises from the recent judgment in which the High
Court found in favour of an ex-employee and against AMH, Imperial
and Mr Lamberti regarding a series of incidents which commenced in
2014. Damages in the case have to be proven in due course. Since
mid-2015, the board has been aware of the developments that
culminated in the judgment.



The Board has carefully studied the judgement and accepts the
conclusions reached therein. In addition to finding that the ex-
employee had suffered damages arising from dismissal by AMH, Mr
Lamberti was found to have impaired the dignity of the ex-employee
during a conversation on the 15th April 2015. Mr Lamberti has
apologised unreservedly for any unintended hurt.



The Board has further resolved to implement corrective action to
address deficiencies in Imperial’s gender and race relations culture
highlighted in the judgement, bearing in mind that substantial
progress in gender and racial transformation within its ranks has
been made over the past three years.



The Board has noted the content and tone of the judgement in which
there is no finding of defamation, racism or sexism despite
extensive and frequently inaccurate publicity directed at Mr
Lamberti suggesting that there was.
In light of this, Mr Lamberti has resigned in the interests of the
Imperial group and its stakeholders who may be prejudiced by such
publicity.



Mr Lamberti has served Imperial with distinction since March 2014,
leading a multifaceted portfolio, organisation and management
restructuring, a key objective of which was to accelerate executive
development and transformation to align Imperial’s employee and
leadership profile with the economically active demographics of
South Africa. The Board thanks Mr Lamberti for his excellent
leadership and commitment to the Group.



Appointment



The Board is pleased to announce that Mr Osman Arbee, Group Chief
Financial Officer from 2013 to 2017 and currently Chief Executive
Officer of the Motus division, has been appointed Group Chief
Executive Officer with effect from the 1st May 2018, in addition to
his position as CEO of Motus.



Mr Arbee was previously a senior partner at Deloitte and Touche and
joined the group in 2005. He has been intimately involved in the
affairs of Imperial at the highest levels since joining the group
and is well placed to assume leadership and continuity of the board
approved strategy which commenced in late 2014.



Unbundling



The board confirms that progress with the implementation of its
plans to unbundle Motus is at an advanced stage and no obstacles are
currently anticipated. As previously announced, the board will make
and announce a final decision on the unbundling before the end of
June 2018.



In the event that the unbundling proceeds, the role of Group Chief
Executive Officer will become redundant and Mr Arbee will assume the
role of Chief Executive Officer of Motus.
By order of the Board

18 April 2018
BEDFORDVIEW

Sponsor:
Merrill Lynch South Africa (Pty) Limited

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