The question of just how much longer Thabo Dloti would continue to run the Donald Gordon-founded insurer, Liberty, had been doing the rounds for much of the year, following some poor results that many attributed to management problems over and above a struggling South African economy. While the board initially seemed to have backed its man, this week's decision by the Standard Bank-controlled insurer to replace him with David Munro did not come as a surprise. The board, said Dloti in an interview with Business Times, had a different view of future strategy to his. "It is a difficult place to be where what is expected of you is different from what is agreed to, and you can't operate in that environment," he said. Liberty reported a 38% drop in annual earnings, and coupled with an underperforming share price and continued encroachment by competitors on its core market, the pressure was on Dloti to turn things around. Dloti said there was an agreed strategy signed off by the board, but...
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