Cape Town - The share price of Liberty Holdings [JSE:LBH] dropped slightly by 1.75% before making a quick recovery, following the announcement that its financial director has resigned.
The financial services and property holding company said in a note to shareholders on Tuesday that its financial director Casper Troskie resigned.
Liberty explained that Troskie was leaving after seven years of service, to pursue an opportunity at a “competitor” of Liberty, which was later revealed to be Old Mutual Emerging Markets. Troskie has been appointed as financial director at OMEM with effect from April 1, 2018. He will take over from Mike Ilsley, who stepped down in November 2017 due to health reasons.
Troskie will also become FD-Designate for Old Mutual Limited (OML), which is the new South African holding company planned to be listed on the JSE in 2018 as part of Old Mutual plc’s managed separation strategy.
“I am very excited to be joining OMEM at such a significant time in its history. I look forward to being part of the team that will be listing OML as a premium African financial services provider,” said Troskie.
“I am pleased that Casper will be joining us during this critical time as we look to list OML on the JSE as planned this year,” said Peter Moyo, chief executive of OMEM. “He brings a wealth of experience in senior leadership roles in listed financial services companies, and will be a valuable member of our team.”
Troskie in the meantime will remain available to Liberty given a contractual three-month notice period. Troskie’s successor at Liberty is yet to be appointed.
Liberty's share price, which was trading at R126.72 just before the SENS announcement at 09:45, dropped to R124.50 by 10:00. However, it recovered to trade at R126.50 by 11:27.
Last year CEO Thabo Dloti resigned following a difference of opinion with the board.
David Munro of Standard Bank Group, which owns 55% of Liberty, took over as CEO. At the time, former Standard Bank CEO Sim Tshabalala said it remained confident of Liberty’s long-term profitability, competitiveness and sustainability.
*The article has been updated to indicate that Casper Troskie has been appointed as financial director of Old Mutual Emerging Markets.SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.