Motsepe turns down Sanlam chair, hands baton to Van Zyl

DR JOHAN van Zyl will take over the reins from Desmond Smith as chairman of financial services group Sanlam when Smith retires in June. .

The board had nominated business mogul and deputy chairman Patrice Motsepe, but he proposed Van Zyl, a former Sanlam chief executive, for the position.

Smith has been chairman of the group since 2010, after serving as its managing director from 1993.

He is also the chairman of the Reinsurance Group of America and holds several other directorships.

Van Zyl is chief executive of Motsepe’s Ubuntu-Botho and joint head of African Rainbow Capital.

During his tenure as Sanlam chief executive, Van Zyl was credited for transforming the group from a primarily South African life insurer to a multinational diversified financial services group.

He is on the supervisory board of Steinhoff International Holdings and a director on several other company boards.

Commenting on Van Zyl’s appointment, Smith said: “Patrice was the board’s choice, but the board respects his decision and recommendation that Van Zyl, a consummate leader, is well positioned to take over as chairman.

“His association with Sanlam and his experience will add value to the company’s future and growth for all the stakeholders.” – BDlive