Motsepe says no to Sanlam

Johannesburg - Financial services group Sanlam has appointed Desmond Smith as chairperson to replace the outgoing Roy Anderson in June 2010, but not before deputy chair Patrice Motsepe turned down the role.

Smith is a former MD of Sanlam.

Motsepe acknowledged his nomination, but said: "While I humbly regret that I am not in a position to accept the chairmanship of Sanlam because of my extensive business commitments and obligations, I am pleased that we can announce the appointment of a person with Desmond's skills and vast experience of the industry as chairperson-elect of our group."

Alongside the appointment of Smith, Sanlam announced that Yvonne Muthien and Temba Mvusi would be executive directors on the boards of Sanlam and Sanlam Life Insurance Limited with immediate effect.

Dr Muthien will hold the portfolio of CEO of group services on the executive committee of Sanlam, and Mvusi that of CEO of market development.

Muthien moves from a strategic position at the Coca-Cola Africa Group, while Mvusi is promoted from within Sanlam.

- Fin24.com