/ 13 November 2007

Alexander Forbes appoints new CEO

A new group chief executive officer has been appointed at Alexander Forbes after the resignation of Peter Moyo, the company said on Tuesday.

Bruce Campbell — previously chairperson of the company — has been appointed as group CEO.

Moyo apparently left the company because of differences with the board.

On Tuesday, Black Management Forum president Jimmy Manyi reportedly said Moyo’s resignation was a threat to the fragile state of transformation in SA.

Manyi was reported as saying Moyo experienced ”transformation in reverse gear” working with Campbell, who was executive chairperson at the time.

Sello Moloko will assume the position of chairperson of Alexander Forbes from December 1.

Moloko — currently chairperson and founding shareholder of Thesele — was appointed to the position by the company’s board of directors.

Shareholder Shanduka Group representative Cyril Ramaphosa said Moloka’s appointment ”demonstrates Alexander Forbes’ and the board’s ongoing commitment to transformation and underscores its efforts to lead by example”.

Speaking to the South African Press Association (Sapa) on Tuesday, Campbell said ”it wasn’t the case at all” that he had been tasked with overseeing Moyo’s role.

”I was to act as a chairman in the normal definition of a chairman.”

Campbell said ”the pace of transformation [in the company] is definitely not going backwards”.

He said he agreed with Manyi’s criticism of the fragile state of transformation in the corporate sector.

”I agree with him. He is the watchdog for transformation. I would want to engage more with Jimmy to see where we are going.”

Campbell said he planned to establish a transformation committee at Alexander Forbes before the board met again in February.

He envisaged that the committee would challenge management on how to quicken the pace of transformation progress at the company.

Part of his role as chairperson and now CEO was also to build a succession plan for the company, said Campbell. – Sapa