Leading businessman Patrice Motsepe has turned down the opportunity to become chairperson of Sanlam, the JSE-listed insurer said on Thursday.
Leading South African businessman Patrice Motsepe has turned down the opportunity to become chairperson of Sanlam, the JSE-listed insurer said on Thursday.
Roy Andersen, the non-executive chairperson of the board, had indicated that he wished to step down as chairperson and a director of the company at the annual general meeting to be held on June 9 2010.
At this time he would have completed two three-year terms as a director and he had served as non-executive chairperson since June 2004, the company said in a statement.
Motsepe is deputy chairperson of the board and also leader of Sanlam’s anchor empowerment shareholder, Ubuntu-Botho.
While he was “unanimously requested to accept the position of chairman of Sanlam”, the company said that he had declined the request.
Due to “his extensive business commitments and obligations, he was unfortunately not in a position to accept this appointment”.
The board then unanimously appointed Desmond Smith as chairperson-elect to succeed Andersen.
Smith is currently an independent non-executive director of Sanlam and chairperson of Santam.
“While I humbly regret that I am not in a position to accept the chairmanship of Sanlam because of my extensive business commitments and obligations, I am pleased that we can announce the appointment of a person with Desmond’s skills and vast experience of the industry as chairperson-elect of our group,” Motsepe said.—Sapa.