In a surprise twist, Magda Wierzycka is back in an executive position at Sygnia

accreditation
0:00
play article
Subscribers can listen to this article

Shortly after stepping down as co-CEO of asset manager Sygnia, Magda Wierzycka has been appointed executive chairman.

She will help shape the company’s strategy, both domestically and internationally, Sygnia said in a statement.

The former chairman, Haroon Bhorat, will now only be a non-executive director.

Wierzycka, founder and biggest shareholder in Sygnia, stepped down as co-CEO in May – in part to focus on her investment vehicles overseas, which include a majority stake in a fund that has an exclusive deal with Oxford University to commercialise its research – including the Covid-19 vaccine that the university designed in partnership with AstraZeneca.

At the time, Wierzycka told Business Insider SA that stepping down as CEO freed her from day-to-day operations and gave her freedom and flexibility to look for opportunities for Sygnia particularly in the US, where she wanted to spend three months this year, to study its economy.

From 1 June, David Hufton, previously co-CEO, took over the role of sole CEO. But just more than a week later, Wierzycka announced on Wednesday that she is returning in an executive position “with immediate effect”.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.13
-0.7%
Rand - Pound
19.67
-0.3%
Rand - Euro
16.82
-0.0%
Rand - Aus dollar
10.67
+0.0%
Rand - Yen
0.13
-1.2%
Gold
1,773.28
-2.1%
Silver
25.91
-4.0%
Palladium
2,491.00
-11.2%
Platinum
1,064.00
-5.1%
Brent Crude
74.39
+0.5%
Top 40
60,400
-1.1%
All Share
66,586
-1.1%
Resource 10
61,985
-3.3%
Industrial 25
89,075
+0.9%
Financial 15
13,266
-2.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Should government have assigned a majority shareholding in SAA to the private sector?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, It's a good decision
53% - 21 votes
Not a good move
5% - 2 votes
Too early to tell
43% - 17 votes
Vote