Alexander Forbes loses empowerment chief in management flight

Thabo Mashaba, chief empowerment and transformation officer at Alexander Forbes Group Holdings Ltd, has resigned, taking the number of top managers that have left the South African insurance-services provider in recent months to eight.

Mashaba’s departure will come into effect at the end of next month, Chief Executive Officer Dawie de Villiers said in an emailed response to questions Wednesday. Mashaba had spent almost seven years at the firm, according to his LinkedIn profile.

The news comes as De Villiers, who joined the company in November, reviews a strategy, known as Ambition 2022, spearheaded by previous CEO Andrew Darfoor.

Darfoor was ousted in September last year after the company’s second-largest shareholder, African Rainbow Capital Investments Ltd., raised concerns about the plan. He had only spent about two years at the company’s helm.

Following Darfoor’s departure, Chief Financial Officer Naidene Ford-Hoon and Alexander Forbes Investments CEO Leon Greyling resigned.

The company has also lost Tony Powis, CEO of corporate and employee benefits, Sugendhree Reddy, head of retail financial services, Vishnu Naicker, group chief risk officer, and Christian Schaub, chief human resources officer.

For the sake of continuity, existing Alexander Forbes staff will expand their responsibilities, De Villiers said. Lynn Stevens, who is currently group chief marketing officer, will take over the Alexander Forbes Community Trust and bursary programs, while Muriel Sokkie, the interim group chief human resources officer, will deal with empowerment and transformation, he said.

Read: Alexander Forbes appoints new CEO

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Alexander Forbes loses empowerment chief in management flight