Rand Merchant Investment Holdings has advised that its chairman, GT Ferreira will step down from his duties. Ferreira is a co-founding member of the RMB Group of companies.
“GT Ferreira has been involved in the financial services sector since graduating from the University of Stellenbosch. He was a co-founder of Rand Consolidated Investments in 1977, which acquired control of Rand Merchant Bank in 1985. When RMB Holdings was founded in 1987, he was appointed chairman, a position he still holds.
“He has been RMI’s chairman since its inception in December 2010 and a driving force behind the group’s value creation and relentless pursuit of high values. In a stellar career, he was instrumental in building leading businesses such as FirstRand, Discovery, MMI and OUTsurance,” the group said in a statement on Wednesday.
It noted that in April, Ferreira will turn 70 and reach the point of compulsory retirement. He will be replaced as chairman by Jannie Durand, the current deputy chairman, effective 31 March 2018.
Joining Ferreira in retirement are Jan Dreyer, Pat Goss and Khehla Shubane. “Together, these four directors have a combined service of more than 130 years at RMI and its predecessor companies, RMI said.
The effective date of retirement for Ferreira, Dreyer and Shubane is 31 March 2018 and for Goss is 10 April 2018. The appointment of a lead independent director to replace Pat Goss will be announced in due course, RMI said.
RMI said it welcomes the following new board members with effect from 31 March 2018:
- Ms Mamongae Mahlare as independent non-executive director;
- Mr Ralph Mupita as independent non-executive director;
- Mr James Teeger as independent non-executive director; and
- as alternate to Mr James Teeger, Mr David Frankel.