BL Premium reports that former Alexander Forbes (AF) CEO Andrew Darfoor has quietly settled with the pension fund administrator, ending a year-long battle with the firm after he accused it of unfair dismissal.
AF fired Darfoor in September 2018, after falling out with the company’s major shareholders over the strategic direction and financial performance of the administrator. But the Ghanaian-born and UK-raised Darfoor, who had been at the helm for just two years, took the company to the Commission for Conciliation, Mediation and Arbitration a month later. Both parties said they have finally "amicably resolved the matter" but would not divulge details of the settlement, saying it was governed by confidentiality clauses. "This is the end of the matter. It is good to move on," Darfoor said. He presided over a 14% fall in the company’s share price in two years at the helm and a decline in its return on equity to less than 10% and was halfway through a turnaround strategy when he was axed. AF drafted in Dawie de Villiers as CEO, who then drew up a refreshed strategy. Warwick Bam of Avior Capital Markets commented that by choosing not to air their dirty laundry in the open, Darfoor and Forbes have collectively dealt with their fallout professionally and confidentially, and minimised brand and value destruction for the company.
- Read the full original of the report in the above regard by Londiwe Buthelezi at BusinessLive
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