Liberty CEO David Munro says he will not shy away from difficult decisions
Profit fell in the first half, and the value of new business sales was down sharply
David Munro, the new CEO of Liberty Holdings, says he is prepared to make tough decisions to improve the insurer’s performance, after first-half profit dropped 15%. “We will not shirk from the necessary decisions needed to equip Liberty to do better in this difficult and highly competitive environment,” Munro said in an e-mail on Friday. “We have prioritised initiatives to make an immediate impact on our service to customers and financial performance.” First-half net income dropped to R1.54bn from R1.81bn a year earlier, the insurer said in a statement. The value of new business sales fell 66% to R86m even as volumes rose, while earnings at Stanlib, Liberty’s asset-management firm, declined. Munro took the helm of the insurer controlled by Standard Bank in May, after the abrupt departure of former CEO Thabo Dloti following a disagreement with Liberty’s board. Munro, formerly Standard Bank’s head of investment banking, stepped in shortly after Liberty, a financial services group with...
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