Sanlam names new chairman
JOHAN van Zyl will take over the reins from Desmond Smith as chairman of financial services group Sanlam when Smith retires in June 2017, the group announced.
The board had nominated business mogul and current deputy chairman Patrice Motsepe to succeed Smith. However, he proposed Van Zyl, a former CEO of the group, for the position.
Smith has been chairman of the group since 2010 after serving as its managing director from 1993. He is also the chairman of Reinsurance Group of America and holds several other company directorships.
Van Zyl is the current CEO of Ubuntu-Botho as well as the joint CEO of African Rainbow Capital. During his tenure as CEO of Sanlam he was credited for transforming the group from a primarily South African life insurer to a multinational diversified financial services group.
He currently sits on the supervisory board of Steinhoff International Holdings.
Commenting on Van Zyl’s appointment, Smith said: “Patrice was the board’s choice but the board respects his decision and recommendation that Johan, a consummate leader, is well positioned to take over as chairman.
“His association with Sanlam and industry experience will add value to the future direction and growth of the company for the benefit of all stakeholders.” — BDLive