Liberty’s CEO, chair and financial director now all come from Standard Bank
History is repeating itself at the insurer controlled by Africa’s largest bank by assets. On Tuesday, Standard Bank announced that its head of investment banking would take over as CEO of Liberty Holdings in an effort to end the drag that the insurer is having on profit. The deployment of David Munro to the post comes after the abrupt departure of Thabo Dloti, following a bust-up with his company’s board, at least four of whom are from Standard Bank. "Thabo was resolute to turn things around, so it’s a surprising turn of events," said Patrice Rassou, head of equities at Sanlam Investment Management. Dloti quit over differences between his strategy and priorities for the insurer, and the views of the board, Standard Bank and Liberty said in separate statements. In the past, Liberty has been headed by Myles Ruck, who was an investment banker like Munro, and Bruce Hemphill, who at one stage headed the lender’s corporate and merchant-banking business before moving to Liberty and eventua...
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