Tuesday 18 May 2021
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Alex Forbes CEO fired

The board of Alexander Forbes has fired its CEO, Andrew Darfoor, with immediate effect.
This caused a quick fall in the share price, before it recovered to above its opening price of R4.85.
According to a terse sens statement, this came as a result of a loss of confidence and trust in Darfoor.
Darfoor replaced Prof. Edward Kieswetter on 1 September 2016. Under his leadership, the business defined a new ambition titled “Ambition 2022” which was meant to see the financial services company become a globally distinctive pan-African financial services leader with an integrated model supported by technology enablement.
He has about 20 years of experience in the industry and was formerly CEO at Sun Life Financial International, a division of Sun Life Assurance Company of Canada. Before that, he was CEO of Old Mutual Bermuda.
Contacted for comment, all Darfoor would say was, “I can confirm that my relationship with Alexander Forbes has ended. I am not happy about the outcome and will deal with it in due course”.
No further explanation has been given. Marilyn Ramplin, an independent non-executive director of the company will serve  as interim group CEO. She is a former director of JPMorgan Investment Bank in London, and is CEO of financial education provider Novia One Group.-Moneyweb

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