JUST A NUMBER
Fresh from leaving Transaction Capital as the CEO, Mark Lamberti has popped up at Imperial as its CEO. His CV is one of the more impressive in South Africa, as he founded Massmart and served on many other boards. Certainly after the recent price sell-off of Imperial, his appointment will please shareholders, although it will take some time for him to really make an impact. What got me interested were the statements around his age – at 63 he is hitting what most corporates consider retirement age. Now, sure, I do think a CEO should have a shelf life of 10 years at most, but the idea of showing somebody the door merely because they are at a certain age makes exactly zero sense. If a person is f it, willing and able to do the job required of them, they should not be let go simply because of a number on their birth certificate – this is an outdated practice.