Departures spur reshuffling

Alexander Forbes is readying for another executive shuffle following the departure of two senior executives, the retirement administrator announced on Friday.

Group chief financial officer Deon Viljoen, a 14-year veteran of the group, is leaving at the end of April to take up a similar post at insurer Discovery; while Peter Edwards, its head of institutional clients, retires at the end of March.

“The process to appoint a new group chief financial officer is well under way and a further announcement will be made in due course,” said Alexander Forbes CEO Andrew Darfoor.

“As a group, we are committed to appointing a first-class leader commensurate with the standing of the group, who will be committed to assist us in building a pan-African financial services leader through our three business pillars across institutional clients, retail clients and emerging markets clients.”

Darfoor shuffled the executive committee 14 days after he officially took over in September 2016. In the new structure, the group’s financial services business — led by Edwards — now operates as institutional financial services, while the top posts at its international division and group information technology have been dispensed with.

All other executive posts, including Viljoen’s, were retained. Viljoen acted as interim CEO while the company sought a replacement for former boss Edward Kieswetter, who left in February 2016.

Alexander Forbes has said it would refine its strategy to focus on the continent and has sold its 60% interest in UK actuaries Lane, Clark & Peacock for £75.4m. Bruce Bydawell, a financial director at the group, will stand in for Viljoen as the group searches for his replacement. Edwards has agreed to stay on as a senior adviser after his retirement, and will help to execute its single institutional strategy.