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Alexander Forbes appoints new CEO

Oct 01 2018 11:02
Lameez Omarjee

Alexander Forbes’ [JSE: AFH] board has appointed a new CEO after it sacked Andrew Darfoor last week over a “loss of confidence and trust”.

According to a shareholder notice issued on Monday morning, the financial services company appointed Dawie De Villiers, as group CEO and director of the company with effect from November 1, 2018.

De Villiers, an actuary, was formerly at Sanlam where he held leadership and executive positions at various business units, the notice read. His previous positions include CEO of Sanlam Structured Solutions and he had been the CEO of Sanlam Employee Benefits since 2013.

“Dawie has a wealth of experience in the employee benefits and investment management industry and ‘believes that the employee benefits industry can have a huge influence in South Africa by really changing people’s lives through enabling financial peace of mind’,” the notice read.

Marilyn Ramplan will hold the fort as interim CEO until October 31.

Alexander Forbes’ shares rallied more than 6% following the announcement that Darfoor’s services were terminated.

Darfoor had been critical of the group’s performance, which he previously said was not living up to its potential. During his time at the group he introduced a turnaround strategy.

The share price was trading 4.65% stronger to R5.18 on Monday morning, following the news of De Villiers’s appointment.

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