Attempts by the Donald Gordon-founded financial services firm, Liberty, to change its almost decade-long narrative of shrinking market share in a highly competitive industry were set back this week as it reeled from the news of a hack of clients' e-mails and other data. Liberty, founded by the legendary businessman in 1967 and majority-owned by Standard Bank, has largely underperformed its rivals on the domestic front as it failed to retain and attract new clients. On the rest of the continent, it has canned expansion plans that contributed to the axing of its former CEO, Thabo Dloti, last year. Over the past five years, Liberty's shares have remained stagnant, increasing by just 1.22% compared to Discovery's 92.84% climb, Sanlam's 71.5% rise and Old Mutual's 38.74% appreciation, spurred by the insurer's planned return to its Johannesburg headquarters. This week's hack seemingly sets back recently-appointed CEO David Munro's plans to win back investor confidence so that it can regai...
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