Liberty CEO Thabo Dloti left over strategy
The shock move takes effect immediately, and Standard Bank corporate and investment banking CEO David Munro takes the reins
The departure of CEO Thabo Dloti at Liberty was over disagreements on what to prioritise amid its difficulties and the speed of execution, chairman Jacko Maree said. “[Liberty] is not performing at the level it should be. The pressure from the board on the executives is about getting stuff fixed quickly. There was a difference of opinion in terms of how quickly we should be moving,” Maree said on Tuesday. It was a mutually agreed separation,” he said. David Munro, CE at Standard Bank’s corporate and investment banking (CIB) unit, will replace Dloti. Standard Bank holds a 54% share in Liberty. Munro, who has headed CIB since 2011, will be handing a business easily five to 10 times larger than Liberty to his deputy, Kenny Fihla. Asked why a career banker was appointed to head an insurer, Maree said much of what had been under discussion, such as getting products out faster, were leadership and management challenges, not actuarial or technical issues. Banking and insurance were not tha...
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