COMPANY COMMENT: The whole MMI committee should get the chop
All four members of the MMI Holdings nomination committee should be shown the door with CEO Nicolaas Kruger
MMI Holdings’s succession plan, which involves dragging in someone from the past to take over as CEO, is unusual but unfortunately not unique. That it was deemed necessary by Rand Merchant Investment Holdings (RMIH) is surely sufficient proof that all four members of the MMI Holdings nomination committee should be shown the door with CEO Nicolaas Kruger. Johnson Njeke, Peter Cooper, Frans Truter and Louis von Zeuner are the four directors on the nomination committee. They are the four directors whose job it is, the MMI annual report reads, to make recommendations to the board on the appointment of executive and nonexecutive directors and ensure "that appropriate consideration is given to succession planning for key executives". While former Momentum CEO Hillie Meyer has an impressive track record, the fact is that the last time he was a CEO was in 2005 and that was at a significantly smaller entity. Meyer has been appointed to replace Kruger on a three-year contract. The board now h...
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