Axed Andrew Darfoor takes Alexander Forbes to CCMA
Analysts say he was replaced with unusual speed, but brutal dismissals are a risk handsomely paid CEOs face
Just as Alexander Forbes announced the appointment of a new CEO with links to Sanlam and Patrice Motsepe’s African Rainbow Capital (ARC), Andrew Darfoor launched a challenge to his dismissal. Darfoor, who was fired as CEO after the board lost "confidence and trust" in him, told Business Day on Monday that he had taken legal steps against Alexander Forbes. "I can confirm that I have served and lodged a CCMA (Commission for Conciliation, Mediation and Arbitration) labour matter," he said. The company announced the appointment of Dawie de Villiers, a former Sanlam executive, as the new CEO, less than a week after firing Darfoor. Both ARC co-CEOs, Johan van Zyl and Johan van der Merwe, are former Sanlam executives.
De Villiers, who has led Sanlam’s employee-benefits division since 2013, will start as the CEO of the country’s largest pension-fund administrator on November 1 2018. Jean Pierre Verster, portfolio manager at Fairtree Capital, indicated he was not surprised by the swift...
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