Board and Management Changes

ASA International Group plc (LSE: ASAI), one of the world's largest international microfinance institutions announces that Karin Kersten, Chief Executive Officer, has decided to step down from her role to pursue other opportunities with effect from 1 November 2024.

In light of this development, the Board is establishing a transitional management team to ensure continuity and to take ASA International forward into the next phase of its transformation journey. With effect from 1 November 2024, Chris Low will step up from his current Independent Non-Executive Director role to become Executive Chairman and to lead this team. Rob Keijsers, current Chief Digital and Information Officer, will join the Board as an Executive Director and will act as Interim Chief Executive Officer. Guy Dawson will revert to being an Independent Non-Executive Director and will support Chris in his expanded role. Karin Kersten will continue to work with the transitional management team over the coming weeks, to ensure a smooth transition.

The Board has initiated a search process to assess external and internal candidates for the role of permanent Chief Executive Officer and further announcements will be made in due course. Following the conclusion of this process, it is expected that Chris will become Non-Executive Chairman.

Guy Dawson, on behalf of the Board, commented:

"We would like to thank Karin for her leadership, passion and contribution to ASA International over the last three years, during which time she has driven significant change, including the development of our digital strategy and a platform for our future transformation plans, as well as recent marked improvements in the Group's operational and financial performance.

"We are pleased that Chris has agreed to become Executive Chairman and to guide the management team. Chris has extensive leadership experience in international financial services, risk management and digital transformation, working across Africa, Asia and the Middle East. Equally, I am pleased to welcome Rob on to the Board in an enhanced leadership role. The Board have been impressed with his broader management skills and are confident that he will fully support Chris during this transitional period."

Karin Kersten added:

"The strong team at ASA International is driven to empower women and increase their economic and social position through access to financial services. The time is now right for me to move on and I look forward to following the successes of ASA International and its vital work to enhance financial inclusion."

The Group confirms that its business performance and outlook remain positive, as reported in the 2024 Interim Results published on 27 September 2024. The Q3 2024 Business Update will be published at 7am UK on 22 October 2024.