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Business Report writes that pension funds administrator Alexander Forbes (AF) on Tuesday finally lifted the veil on why it dismissed Andrew Darfoor as its chief executive 10 months ago.
The group said in a statement that the board initiated an investigation into allegations against Darfoor. “This resulted in the termination of the services of the former chief executive officer and actions to remedy all the issues identified during the investigation,” the company indicated. AF added that legal processes between it and Darfoor were ongoing. The group fired Darfoor last September after the board lost “confidence and trust” in him, but did not elaborate until now. Darfoor was swiftly replaced by former Sanlam executive Dawie de Villiers. It was previously reported that Johan van Zyl, the co-chief executive of Alexander Forbes' second biggest shareholder, African Rainbow Capital (ARC), had a difference of opinion on the strategy the group was pursuing under Darfoor. The firm’s new strategy, as unveiled by De Villiers in March, was a carbon copy of ARC’s wish list, including the selling off its short-term insurance business.
- Read the full original of Kabelo Khumalo’s report on the above story at Business Report
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