Sasfin stays in the fold of the Sassoon family
Roland Sassoon to step down as group CEO in January but will continue as CEO of Sasfin Bank, as son Michael takes the reins
In a move that keeps Sasfin under the watchful eye of the Sassoon family, Michael Sassoon, executive director at Sasfin Holdings, will soon succeed his father and founding CEO of the banking group, Roland. "Roland Sassoon has, over the last five decades, led the transformation of what was a small family textile-trading business into Sasfin Holdings as we know it today," chairman Roy Andersen said on Monday. Today, the group is a specialised financial services group, focusing on small businesses and high-net-worth individuals. It has a market value of R1.5bn. Roland would step down as group CEO in January but would continue as CEO of Sasfin Bank and a group director, which would "allow for a smooth transition", Andersen said. Roland joins Erol Zeki and David Edwards, respectively CEOs of Sasfin Wealth and Sasfin Capital, as a divisional head. With the Sassoon family holding a 40% stake in Sasfin, analysts said they had expected the handover. "It was clear that this was part of the su...