Sanlam Limited and Sanlam Life Insurance Limited announced that Mr. Elias Masilela has been appointed as independent non-executive Chair; Mr. Paul Hanratty has been appointed as Group Chief Executive Officer (CEO); and Ms. Abigail Mukhuba has been appointed as the Group Financial Director. Elias as the new independent non-executive Board Chair will make a significant contribution to Sanlam's success given his extended and impressive networks that spans individuals in both the private and public sector in South Africa and beyond. He has a proud history with Sanlam, having previously served in a senior position as Head of the Policy Analysis unit.

He is currently Executive Chair of DNA Economics, Commissioner of the 1st & 2nd National Planning Commission, and Chair of several influential entities in South Africa, namely V&A Waterfront and as well as Capital Harvest. He has recently taken up the chairpersonship of the National Advisory Board on Impact Investing in South Africa. Furthermore, he is a member of the Boards of the MultiChoice Group, MultiChoice SA, Alternative Prosperity Holdings, Future Planet Capital in London and Strate.

Elias is also the former CEO of the Public Investment Corporation (PIC), which is one of the most influential organizations in the financial services sector. Elias succeeds Dr. Johan van Zyl as Board Chair with effect from 10 June 2020. Dr. Van Zyl's decision to step down as Board Chair was already announced in March 2019.

Dr. van Zyl remains as a Non-Executive director of the Sanlam Boards. Paul has been serving as an independent non-executive director on the Sanlam Board since April 2017 and has been making his contribution to Sanlam's success in discussions and decisions on strategic matters at Board level. In his new role as Group CEO, Paul will bring a rare view in terms of industry insights, having previously served as the Group Chief Operating Officer at Old Mutual.

Paul has an impressive track record having managed large financial services businesses very successfully. The Board's decision is that Paul will commence duties as group CEO on 1 July 2020. However, shareholders will be aware that South Africa is facing very challenging times in dealing with the Covid-19 crisis.

Ian is currently leading the Group with distinction in these trying times and is also playing an important role at an ASISA industry level with government in addressing these challenges. He will continue in a leadership role in the Group through these times and be available until 31 December 2020, as the situation normalises, fulfilling various responsibilities, as well as supporting Paul in a handover. Abigail Mukhuba has been appointed as new Group Financial Director effective 01 October 2020.

Abigail joins Sanlam from the leading mining company, African Rainbow Minerals, where she held the position of Finance Director since 2017. She has held several senior financial positions at KPMG Inc., BMW SA and Exxaro Resources Limited. She has over 15 years working experience in the financial reporting and tax specialist environments in both the automotive and mining industries.

Mr. Wikus Olivier has been acting as Chief Financial Officer (CFO) since July 2019 when Heinie Werth, former Sanlam Finance Director was appointed as Chief Executive Officer for Sanlam Emerging Markets. Mr. Olivier will remain on the Group Executive Committee in a Strategic Projects role and will also assist in supporting Abigail with a diligent handover. Abigail will commence her duties as Group Financial Director with effect from 1 October 2020.