Alexan­der Forbes boss Dar­foor reshuf­fles ex­ec­u­tive com­mit­tee

Business Day - - COMPANIES&MARKETS - MOYAGABO MAAKE Fi­nan­cial Ser­vices Writer [email protected]

NEW Alexan­der Forbes CEO An­drew Dar­foor has re­struc­tured his ex­ec­u­tive com­mit­tee 14 days af­ter of­fi­cially tak­ing over, shak­ing up a team that has mostly been in place since the re­tire­ment ad­min­is­tra­tor relisted on the JSE.

Un­der the new struc­ture, the group’s fi­nan­cial ser­vices busi­ness, led by Peter Ed­wards, will op­er­ate as an in­sti­tu­tional fi­nan­cial ser­vice, while the top posts at its in­ter­na­tional divi­sion and group in­for­ma­tion tech­nol­ogy have been dis­pensed with.

All other ex­ec­u­tives, in­clud­ing fi­nance chief Deon Viljoen, who acted as in­terim CEO while the com­pany sought a re­place­ment for former boss Ed­ward Kieswet­ter, have been re­tained in their po­si­tions.

“Su­gendhree Reddy, MD of re­tail fi­nan­cial ser­vices, will fo­cus on op­ti­mis­ing col­lab­o­ra­tion with the lead­ers of In­vest­ment So­lu­tions [Der­rick Msibi] and In­sti­tu­tional Fi­nan­cial Ser­vices [Ed­wards],” Dar­foor said.

Alexan­der Forbes In­ter­na­tional CEO Grant Sto­bart has been given re­spon­si­bil­ity for merg­ers and ac­qui­si­tions, as well as con­sult­ing ac­tu­ar­ies Lane Clark & Pea­cock.

Dar­foor will di­rectly over­see the in­ter­na­tional busi­ness.

Group in­for­ma­tion tech­nol­ogy di­rec­tor Bradley Eliot would re­port to chief op­er­a­tions of­fi­cer Stephen Price, said Dar­foor. The re­struc­tur­ing was part of the group’s strat­egy to de­liver op­er­a­tional ef­fi­cien­cies.

Mem­bers of the in­vest­ment com­mu­nity wel­comed the move. Nico Smuts, an in­vest­ment an­a­lyst at 36One As­set Man­age­ment, said the re­struc­tur­ing was not rad­i­cal. That most of the ex­ec­u­tive com­mit­tee mem­bers had been re­tained is “good for con­ti­nu­ity”, he said.

Abax In­vest­ments’s An­thony Sedg­wick said he had a high re­gard for the pro­fes­sional abil­i­ties of the team mem­bers.

Smuts said Alexan­der Forbes’s man­age­ment had high­lighted cross-sell­ing its prod­ucts as a growth driver.

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