Alexander Forbes chair Sello Moloko steps down

Johannesburg – Alexander Forbes [JSE:AFH] announced the retirement of non-executive board chairperson Sello Moloko, which will come into effect on August 31.

The financial services group subsequently appointed his successor, independent non-executive director Moses Kgosana. Kgosana will take over the position following Moloko’s retirement, the group explained in a note to shareholders.

Moloko is retiring after almost 10 years, “Ddring which time he provided wisdom, fiduciary counsel and strategic direction to both the board and the executive committee,” said the group.

“Together with the board and executive management team, I am proud to have steered the group through a challenging yet transformative decade during which time we experienced the global financial crisis, significant private equity investment, the group’s re-listing on the Johannesburg Stock Exchange, and the securing of Mercer as a strategic shareholder,” said Moloko.

“Alexander Forbes will continue to be a place of significance, since I have forged enduring relationships with many of its talented people.”

Moloko also had oversight of the investment of the group’s empowerment shareholder, Africa Rainbow Capital as well as the appointment of the group’s chief executive Andrew Darfoor.

Moloko also co-founded black-owned investment holding company Thesele Group, which was established in 2005.

Incoming chairperson Kgosana, a chartered accountant by profession,  has managed his own investment company and has had extensive expertise in financial services, industrial, telecoms, mining, technology and consumer markets, the group said.

Kgosana has served as the chief executive and senior partner of KPMG South Africa and a member of the KPMG International board.

"I am privileged to be handed the reins of a company such as Alexander Forbes with a strong heritage and market leading history in the financial services sector,” he said.

Darfoor shared gratitude for Moloko’s contribution to the company and welcomed Kgosana as the new chairperson.

The group company secretary, Janice Salvado also announced her resignation with effect of June 30, 2017. Salvado spent 18 years with the group and will pursue other opportunities. Salvado will stay on with Alexander Forbes in an advisory capacity. Carina Wessels has been appointed as new group company secretary from October 1, 2017.

READ: London stake sale boosts Alexander Forbes' profit

The group on Monday reported a net profit of R1.6bn, following the sale of its 60% stake in UK-based Lane Clark & Peacock.

The sale was part of the group’s simplification strategy to divest of non-core assets.

The share closed at R6.70 on Monday and by 11:10 on Tuesday it was trading at R6.65.

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