Listed life assurer and financial-services group Metropolitan on Thursday announced that Gloria Tomatoe Serobe is standing down as chairperson in favour of Eric Molobi — executive chairperson of Kagiso Trust Investments, Metropolitan’s strategic business partner — to afford Kagiso greater scope for active involvement in the group’s future development.
Molobi will take over from Serobe with effect from January 1, Metropolitan’s statement said.
The group added that the handover will allow Serobe more time to devote to the chairpersonship of the Life Offices’ Association (LOA), a position to which she has recently been appointed, as well as to her responsibilities as a member of the newly established Financial Sector Charter Council.
Serobe said that she is grateful for the unique opportunities she had as the first woman to chair a major financial-services group in South Africa.
She added that guiding the board of the leading empowerment player in the financial-services sector had presented her with exciting challenges, not the least of which was leading directors from widely divergent backgrounds, ranging from former trade unionists and politicians to actuaries and chartered accountants.
She also said that it had been a great honour for her to continue the work done by distinguished predecessors such as Judge Dikgang Moseneke and Dr Nthato Motlana in transforming Metropolitan.
The group noted that during the past year, she steered Metropolitan towards the successful conclusion of its highly acclaimed, fully funded empowerment transaction with Kagiso, and played a leading role in the ongoing development of the Financial Sector Charter.
The fact that the group achieved a remarkable operational turnaround during Serobe’s four years at the helm is another particular source of pride to her, the statement added.
Serobe said she remains committed to Metropolitan, and will continue to serve on the boards of both Metropolitan Holdings and Metropolitan Life. She will also continue to represent the group on the LOA.
The group added that incoming chairperson Molobi has a wealth of financial expertise and experience from which Metropolitan has already benefited significantly at strategic and operational level.
“Over and above his proven track record, his unimpeachable personal and professional integrity are invaluable assets, as are Kagiso’s extensive business networks and networking capabilities,” the statement said.
Metropolitan said it is looking forward to Molobi’s enhanced level of participation in conjunction with increased support from Kagiso across the full spectrum of its business activities, helping it to sustain its competitive advantage as the country’s most empowered financial-services group. — I-Net Bridge