Long-standing shareholder dissatisfaction appears to be behind the axing of Alexander Forbes CEO Andrew Darfoor. Some of Alexander Forbes’s biggest shareholders, including Patrice Motsepe’s African Rainbow Capital (ARC), did not like the direction in which Darfoor was taking SA’s biggest pension fund administrator, which manages assets of about R357bn. "Being a listed entity ourselves, we are a responsible shareholder and for some time we as ARC Investments have communicated to the board of Alexander Forbes some dissatisfaction with the financial performance and strategic direction of the company," Johan van Zyl, joint-CEO of ARC, told Business Day. ARC is the second-biggest shareholder at Alexander Forbes with a 17% interest in the company, which has a market capitalisation of about R6.65bn. US consulting firm Marsh & McLennan Companies is the biggest shareholder. Both have representatives serving as nonexecutive directors on the board, which declared a loss of confidence in Darfoo...

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