MMI has confirmed that long-time chief operating officer Danie Botes and CEO of Momentum Retail Etienne de Waal have left the company for personal reasons. Their departures, which coincided, follow the resignation of brand and corporate affairs chief Vuyo Lee, who was appointed chief marketing officer at Old Mutual Emerging Markets in January. De Waal and Botes had left MMI after extensive discussions with CEO Nicolaas Kruger and to pursue other interests, said spokesman Dan Moyane. They had been with the company for 23 years and 28 years, respectively. Their departures come on the heels of a number of high-profile resignations from life insurance companies, where a difficult operating environment has put pressure on company boards and executives. Last month, Thabo Dloti left his CEO role at Liberty over disagreements with the board and its majority shareholder, Standard Bank, on how to turn the company around. The insurer reported a 39% decline in headline earnings for the year to ...
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