Two more executives have resigned at Alexander Forbes, bringing the number of those who have left since the unceremonious axing of Andrew Darfoor in September to seven, including the former CEO. With more than half of the executive team displaced, the country’s largest pension funds administrator said it was working on restoring confidence in the company. CEO Dawie de Villiers, a former Sanlam executive who was swiftly appointed to replace Darfoor, said he hoped that the reviewed strategy the group would present in March would arrest share price declines that the company had experienced in the past four years. The share price is trading at R4.71, less than half its 2015 peak. The firm was halfway through the implementation of a turnaround programme, known as Ambition 2022, which included plans to expand on the continent and build its offering for retail clients, when Darfoor was axed. His strategy was questioned by the firm’s second-largest shareholder, Patrice Motsepe’s African Rai...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now