Today's Labour News

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AlexanderForbesBusiness Report writes that the mass exodus of senior management at Alexander Forbes is heating up with the group expected on Wednesday to announce the departure of Tony Powis, chief executive of corporate and employee benefits.  

The country’s largest pension fund administrator was also due to announce replacements for positions left vacant by the resignations of other executives.  The exit of Powis, who only joined the group in January 2018, follows the shock ouster of previous group chief executive Andrew Darfoor in September.  Darfoor’s ouster was quickly followed by the resignations of chief financial officer Naidene Ford-Hoon, group risk officer Vishnu Naicker, chief human resource officer Christian Schaub and chief executive at Alexander Forbes investments Leon Greyling.  Two knowledgeable sources claimed the executives were being purged because of their close proximity to the group’s previous turnaround strategy entitled “Ambition 2022”, which is now under question.  New CE Dawie de Villiers denied that the group had forced senior management who served under Darfoor to resign.  “There is negative sense of a clean out and of governance problems.  But I can assure that the company is in a great place.  It (resignations) was individual decisions by these people,” De Villiers stated.


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