Today's Labour News

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AlexanderForbesBusinessLive writes that the exodus of Alexander Forbes (AF) executive management in the past few months is unsettling but the market is unlikely to judge the company harshly, say analysts.  

Instead, performance of the pension fund administrator’s stocks will be more dependent on how well new CEO Dawie de Villiers is able to implement his turnaround strategy.  The country’s largest pension fund administrator has lost several members of its executive team, starting with CEO Andrew Darfoor, who was fired by the board in September 2018, and followed by the resignation of CFO Naidene Ford-Hoon.  The latest blow came two weeks ago when Leon Greyling, CEO of Alexander Forbes Investments, group chief risk officer Vishnu Naicker and chief HR officer Christian Schaub quit.  Analysts commented that the departure of executives, especially those appointed during Darfoor’s term, was not surprising given the change of the CEO.  “There would also be an element of the new CEO wanting to build a team that he feels comfortable with and trusts,” said Karl Gevers of Benguela Global Managers.  De Villiers, who joined AF from Sanlam, has promised to deliver a turnaround strategy by the end of the group’s financial year in March.

  • Read the original report by Londiwe Buthelezi in full at BusinessLive


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