Alexander Forbes and axed group executive Andrew Darfoor have reached a settlement, the financial services firm has confirmed.
In a brief email to Fin24 on Friday, Alexander Forbes said it had "amicably resolved the matter" with the former CEO, but that the details of the agreement remained confidential. Darfoor earlier told Business Day he was unable to comment on the details of the agreement.
Darfoor took his former employer to the Commission for Conciliation, Mediation and Arbitration in 2018 after being fired over what Alexander Forbes termed a loss of "confidence and trust". On of the group's major shareholders, billionaire Patrice Motsepe's African Rainbow Capital Investments, said at the time the axing raised concerns about the firm's performance.
Darfoor had only been in his role for two years, having taken over from former chief Edward Kieswetter – now Commissioner of the South African Revenue Service – in 2016. He was succeeded by Dawie de Villiers.
Alexander Forbes was midway through a turnaround strategy dubbed Ambition 2022 when Darfoor was axed.
Following Darfoor's axing, Alexander Forbes lost several top executives, including CEO of corporate and employee benefits Tony Powis and head of retail financial services Sugendhree Redd, its investments CEO Leon Greyling, group chief risk officer Vishnu Naicker and chief human resources officer Christian Schaub.