Alexander Forbes turns attention to rebuilding confidence after losing more execs
More than half its executive team has left since the departure of former CEO Andrew Darfoor
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.