HR NEWS

Liberty's financial chief resigns

Liberty's financial chief resigns

Just seven months after the high-profile resignation of its CEO, Liberty Holdings has announced the departure of the group's finance director, Casper Troskie.

Troskie is going to Old Mutual where he will take up the financial director position at soon-to-be listed Old Mutual Emerging Markets (OMEM).

On the first day of 2018 trading, Liberty issued a Sens announcement informing shareholders of Troskie's departure. The statement said the financial director was leaving to "pursue a new opportunity at a competitor of Liberty" but did not name the company.

Although his resignation is with immediate effect, it is subject to a contractual three-month notice period during which Troskie will remain available to Liberty.

Troskie, who was appointed as Liberty financial director in 2010 and has 30 years' experience in financial services, will be joining former colleague Bruce Hemphill at the Old Mutual group.

Troskie will be taking over from Mike Ilsley, who was appointed to the Old Mutual position in August 2017.

Ilsley, who resigned in November 2017 due to health reasons, was also a director at Liberty but resigned from that board when he took up the Old Mutual appointment in August.

Asief Mohamed, chief investment officer at Aeon Investment Management, said it was disappointing that after more than 23 years of democracy, OMEM had been unable to recruit a capable female or black person for the position.

Troskie will be reporting to Peter Moyo, who was appointed CEO of OMEM in June 2017. Moyo said Troskie was joining the group during a critical time. "He brings a wealth of experience in senior leadership roles in listed financial services companies and will be a valuable member of our team," Moyo said.

Troskie's resignation is the second high-profile departure from the insurance group in less than a year. In May 2017, Liberty CEO Thabo Dloti resigned, stating differences of opinion with the board on the company's immediate focus. The high-profile controversial move came at a difficult time for Liberty, which was facing tough operational and environmental challenges.

At the time, Standard Bank, which owns 55% of Liberty, said the priority was to enable Liberty to achieve its growth by focusing on a short-term recovery plan and a longer-term strategy to reinforce its competitiveness. "Liberty remains a fundamentally sound business and Standard Bank is confident of Liberty's long-term profitability, competitiveness and sustainability," said Standard Bank CEO Sim Tshabalala in May. Dave Munro, who was CEO of Standard Bank Group's corporate and investment banking division, was immediately slotted into the role of Liberty CEO.

"The Standard Bank group generally has a big talent pool so it should be able to appoint a well-qualified person relatively easily," Mohamed said.

Meanwhile, OMEM welcomed the Competition Commission's decision to recommend conditional approval for the newly incorporated Old Mutual Ltd's acquisition of Old Mutual plc. The conditions relate to agreements reached between Old Mutual and the Economic Development Department regarding BEE ownership, employment, and enterprise and supplier development. The corporate restructuring could result in Old Mutual's BEE ownership score dropping slightly below the regulatory target of 25%.

"To the extent that Old Mutual Ltd's BEE ownership is less than 25%, Old Mutual Emerging Markets has committed to Old Mutual attaining at least 25% within three years of its primary listing on the JSE and then to that of the peer group 'best of class' within five years starting from the date of listing," the group said on Wednesday.

Old Mutual Ltd is due to be listed in 2018.


Source: Business Day

5 months ago

By admin


Social Share : Share      

Comments.....

Submit new comment

Most Viewed

Walmart gives workers a way to get paid earlier...

6 months ago

637,000 new pilots required for airlines over next 20 years: Boeing...

11 months ago

Wanted Admin Manager - NEXA/AUTOFIN LIMITED. Click here for more details...

7 months ago

Opening for the post of Data Analyst, Human Resources - British Columbia, Canada...

5 months ago

Tata Steel Netherlands workers protest Thyssenkrupp merger...

8 months ago

Air India recruitment 2018: Job notification announced, 10th pass candidates, Gr...

6 months ago

Canada's spy agency reaches settlement over harassment allegations...

6 months ago

Artificial Intelligence more concerning than North Korea: Elon Musk...

10 months ago

Unitech money laundering case: Court rejects bail plea to promoters, sends Sanja...

10 months ago

Wanted Assistant Manager - Admin, National Film Development Corporation Ltd. Cli...

6 months ago

Most Shared

Mass redundancies for Quebec cookie factory...

2 years ago

Trump this: 5 bold predictions for how he’ll impact HR...

2 years ago

InfoTycoon appoints existing President and COO Kevin George to succeed James Dav...

2 years ago

Sushant Dwivedy joins Aspiring Minds as SVP-Enterprise Client Solutions...

2 years ago

Uber introduces special reward programme...

2 years ago

Standard Chartered Bank to reduce 10% corporate & institutional banking staff...

2 years ago

National CineMedia (NCM) creates Affiliate Partnerships team, names Stacie Tursi...

2 years ago

OCC Names New CFO, Treasurer, and Chief Compliance Officer...

2 years ago

Beards at work are now a major turn-off say 61% of female office workers...

2 years ago

First female fast jet pilot of Britain hired as director at PwC...

2 years ago