Business Day

Alexander Forbes boss Darfoor reshuffles executive committee

- MOYAGABO MAAKE Financial Services Writer

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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