‘GT’ Ferreira retires as Rand Merchant Investment chairman

RAND Merchant Investment (RMI) yesterday announced the retirement of its co-founder and chairman, Gerrit Thomas Ferreira, who will turn 70 next month when retirement becomes compulsory.

Ferreira will be replaced by Jannie Durand, the current deputy chairman, from March 31.

Affectionately known as “GT”, Ferreira has been involved in the financial services sector since graduating from the University of Stellenbosch.

He was a co-founder of Rand Consolidated Investments in 1977, which acquired control of Rand Merchant Bank (RMB) in 1985. When RMB Holdings was founded in 1987, he was appointed chairman, a position he still holds.

He has also been RMI’s chairman since its inception in December 2010 and a driving force behind the group’s value creation and pursuit of high values. He was also instrumental in building financial services businesses such as FirstRand, Discovery, MMI and OUTsurance.

“GT’s legacy will remain as a set of unique values instilled in RMI. These values will ensure that the set strategy is implemented with integrity and discipline to create further value for stakeholders,” the firm said.

RMI also announced the retirements of board members Jan Dreyer and Khehla Shubane on March 31, and lead independent director Pat Goss on April 10. – African News Agency (ANA)