Wednesday , October 5 2022

Executive Chairman Alexander Forbes says two more executives resign to the exodus


Two executives of Alexander Forbes have resigned from South Africa's insurance services provider, extending a management exodus after the expulsion of former CEO Andrew Darfoor in September.

Tony Powis, Chief Executive Officer of Corporate Profits and Employees, and Sugendhree Reddy, head of retail financial services, will leave later this month, the new chief of Alexander Forbes, Dawie de Villiers said on Wednesday. . The total number of higher departures that include Darfoor is now seven.

"All the resignations were in a short period of time, but for different individual reasons," said De Villiers, who joined in November in the councilor of Cape Town, Sanlam.

Alexander Forbes was in the middle of a return program when Darfoor was expelled after his strategy was questioned by the company's shareholder, billionaire Patrice Motsepe, of the African investments of Rainbow Capital. The insurer, which also provides retirement and investment services, reported a loss during the six months until September after cancellations related to the abandonment of an information technology project .

Strategic changes

De Villiers said last month he would prepare a new strategy for Alexander Forbes at the end of March, with the company facing challenges such as the slow economic growth in South Africa and a rate of # unemployment of more than 27%.

The CEO has already made changes to the executive committee of the firm, with Bruce Bydawell heading the unit of finance and mergers and acquisitions. Butsi Tladi has been appointed to lead corporate profits and employees, Bonga Mokoena assumes the emerging market team and Ryan Knipe, the retailer, said. De Villiers will expand its functions to ensure the investments, with several others nominated provisionally.

"It's bad to lose people, but it's a good opportunity to start with a clean slate," De Villiers said. "I have to look at the positive aspects".

The shares decreased by 1.1% at R4.70 after 3:15 a.m. In Johannesburg, valuing the company at R6.4 billion (468 million dollars). The stock has dropped 31% in the last 12 months.

© 2019 Bloomberg L.P

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