Axed Alexander Forbes CEO Andrew Darfoor has defended his track record at SA’s largest pension fund administrator. "The company reported tangible progress across a broad number of key metrics of the Ambition 2022 strategy," Darfoor said. "I reiterate, I am not happy about the outcome and I will deal with it in due course." Darfoor also said he had achieved the set targets for expense efficiency two years ahead of schedule. He also said the direction in which he was taking Alexander Forbes had been approved by the board before he was mandated to implement it, and was again endorsed by the company in March 2018 when it reported its financial results.

Despite some missed targets, Darfoor pointed out that there had been improvements in revenue growth and profit, while the key areas of the turnaround strategy, including retirements and investments, had also grown satisfyingly. Shareholders, including Patrice Motsepe’s African Rainbow Capital, have communicated dissatisfaction about...

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