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Johannesburg - The appointment of former Old Mutual CEO Jim Sutcliffe to the board of Liberty Holdings was the right decision as he would bring a wealth of experience to the insurance company, said Liberty chairperson Saki Macozoma.
"It is difficult to find people who have operated at such a high level and have as much experience in the insurance industry," Macozoma said on Wednesday. "When we heard he had become available, we were quick to express our interest."
Sutcliffe stepped down as Old Mutual CEO in September 2008 when the group found itself facing a number of operational pressures. He had earlier pursued an aggressive expansion campaign, which had placed strain on the group. He was replaced by Julian Roberts.
On Tuesday, Liberty announced that Sutcliffe had been appointed to the board in a non-executive capacity and would sit on the company's risk, audit and actuarial committees.
"It's challenging to find suitable candidates," responded Macozoma when asked whether Libery should've appointed a black individual.
He said Liberty had been able to promote transformation within its asset management business, but that it had been harder to find the right candidates for its insurance division.
"At board level it becomes even tougher to find experienced candidates. The process cannot be rushed," said Macozoma.
For this reason, Liberty has been trying to grow its base of experienced executives through the appointment of people such as Sutcliffe and Peter Moyo, as well as looking for talent among the big auditing firms.
Under fire
Management at Liberty has been under fire since the company reported a R1.2bn loss for the first six months of the financial year, prompting some speculation of a management shake-up. Much of the loss was attributed to the hedging of large positions in the equity and foreign currency markets.
Macozoma came out in unequivocal support of his team, saying he believed in time the decisions taken by CEO Bruce Hemphill and the rest of the Liberty team would be proven correct.
- Fin24.com