Alexander Forbes axes CEO

Andrew Darfoor has been fired due to ‘a loss of confidence and trust in him’.

The board of Alexander Forbes has fired its CEO, Andrew Darfoor, with immediate effect.

This caused a quick fall in the share price, before it recovered to above its opening price of R4.85.

According to a terse Sens statement, this came as a result of a loss of confidence and trust in Darfoor.

Darfoor replaced Professor Edward Kieswetter on September 1, 2016. Under his leadership, the business defined a new ambition titled “Ambition 2022” which was meant to see the financial services company become a globally distinctive pan-African financial services leader with an integrated model supported by technology enablement.

He has about 20 years of experience in the industry and was formerly CEO at Sun Life Financial International, a division of Sun Life Assurance Company of Canada. Before that, he was CEO of Old Mutual Bermuda.

No further explanation has been given. Marilyn Ramplin, an independent non-executive director of the company will serve as interim group CEO. She is a former director of JPMorgan Investment Bank in London, and is CEO of financial education provider Novia One Group.