LIBERTY RESIGNATION
NEWS ANALYSIS: Black CEOs ranks thinned by Thabo Dloti’s exit
After Dloti’s exit from Liberty only three of the largest listed financial services companies will have black CEOs
Thabo Dloti’s resignation on Monday as Liberty’s CEO is a blow to the financial sector, which has too few black CEOs of his calibre as it is. He had vacated his post with immediate effect, the market was told on Tuesday. After his departure, only three of the largest listed financial services companies will have a black CEO: Peter Moyo at Old Mutual, Sim Tshabalala at Liberty’s parent, Standard Bank and Andrew Darfoor at Alexander Forbes. Dloti joined the insurance group from rival Old Mutual in 2010, first as CEO of asset manager Stanlib and then as group CEO in 2014. Freshly armed with the CEO of the year accolade from the Association of Black Securities and Investment Professionals, Dloti quickly set to work, reporting normalised headline earnings 10% higher in his maiden results for the six months to June 2014. But full-year earnings dipped 2%. The following year, they rose 4%.And then the infamous fall from grace, when the insurer reported a 38.8% drop in normalised headline ea...
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