The announcement of the appointment of Santam (SNT) CEO Johan van Zyl as the new head of Sanlam (SLM) on Friday ends months of uncertainty and speculation about the future of the financial services giant following the sudden departure of Leon Vermaak late last year.
the uncertainty saw the group’s share price steadily decline, shedding some nine per cent in a matter of just a few days earlier this month to touch a three-and-a-half year low of R6,33 per share — with journalists and analysts describing the group as “gloomy and rudderless” and saying it needed urgent clarity on its future.
But the group said Friday — after a lengthy and arduous search which extended way beyond South Africa’s borders – it believed it had found the right man for the job and would soon be back on track again.
Sanlam chairman Ton Vosloo said more than 50 candidates were looked at which were eventually shortlisted to seven and of these Dr Van Zyl was “the most impressive”.
“He demonstrated a grasp of strategic business…of where he wants to take Sanlam,” Vosloo enthused.
“We have a new leader here who can really focus on the core business and get Sanlam back on track.”
He said Van Zyl (46), a former academic, was accredited with transforming and turning around financially the University of Pretoria, of which he was vice-chancellor and principal.
“As chief executive of Santam, Joahn has been quick to demonstrate his visionary leadership, business acumen and strong management skills, as evidenced in the excellent results reported by Santam for 2002,” Vosloo added.
As a Sanlam board member for more than two years, Van Zyl also knew the group’s business intimately and had made a strong and valuable input.
“Johan’s appointment will allow us to meet our objectives of continuing to build client relationships, strengthening our internal teams, improving operational performance, taking advantage of opportunities in the global marketplace and increasing our domestic market share,” Vosloo said.
Van Zyl said he didn’t under-estimate the challenge that lay ahead but believed the company, which has assets under management of 246 billion rand, was well positioned to grow and prosper.
“I look forward to leading Sanlam. The group is well positioned to grow its strong brand and deliver stakeholder value through refocusing on operational excellence.
“The company has excellent people, best of breed products and brands, product development expertise and improving investment performance,” Van Zyl said.
Meanwhile, Santam – the country’s largest short-term insurer and a subsidiary of Sanlam – is now temporarily without a CEO. However, the Santam board said on Friday that a prcoess was already in place to find a successor for Van Zyl.
Both internal and external candidates will be considered in the interim. Mr Hannes Wilken, a Santam executive director heading operations, will serve as acting chief executive,” it said. – I-Net Bridge