Business / Companies
Black CEO forced out of Liberty Holdings
30 May 2017 at 02:27hrs | Views
Liberty CEO Thabo Dloti has resigned with immediate effect following a difference of opinion with the Board on the immediate focus of the company at a time when the organisation is facing tough operational and environmental challenges.
The company announced in a note to shareholders on Tuesday that David Munro, the current Chief Executive of Standard Bank Group's Corporate & Investment Banking (CIB) division and a current non-executive director of Liberty Holdings, will assume the role of Chief Executive Officer of Liberty Holdings, effective immediately.
"Thabo believes that given this environment, alignment amongst key stakeholders is imperative to ensure the effective execution of the strategy required to drive the company forward. This alignment coupled with the ability to act decisively is in the best interests of the company and hence Thabo is stepping aside," the statement read.
Standard Bank Group, which owns 55% of Liberty, announced in a separate statement that Kenny Fihla, the current deputy chief executive and head of client coverage CIB, will replace Munro with immediate effect.
The banking and investment group said Fihla has been a key player in driving CIB's growth and in managing key corporate clients across the continent and major financial centres around the globe. "He has demonstrated his ability to consistently drive performance in his various leadership roles with CIB and his experience equips him well as he takes on his new position."
Standard Bank Group CEO said the appointments demonstrate Standard Bank's deep pool of expertise and the group's bility to integrate and optimise the deployment of its key talent.
Fihla was previously the chief executive of Business Against Crime from 2003 to 2006 and prior to that held various leadership positions within the public sector.
"Given Liberty's importance as an institution to the Standard Bank Group, our ongoing priority is to enable the company 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 Tshabalala.
The company announced in a note to shareholders on Tuesday that David Munro, the current Chief Executive of Standard Bank Group's Corporate & Investment Banking (CIB) division and a current non-executive director of Liberty Holdings, will assume the role of Chief Executive Officer of Liberty Holdings, effective immediately.
"Thabo believes that given this environment, alignment amongst key stakeholders is imperative to ensure the effective execution of the strategy required to drive the company forward. This alignment coupled with the ability to act decisively is in the best interests of the company and hence Thabo is stepping aside," the statement read.
Standard Bank Group, which owns 55% of Liberty, announced in a separate statement that Kenny Fihla, the current deputy chief executive and head of client coverage CIB, will replace Munro with immediate effect.
Standard Bank Group CEO said the appointments demonstrate Standard Bank's deep pool of expertise and the group's bility to integrate and optimise the deployment of its key talent.
Fihla was previously the chief executive of Business Against Crime from 2003 to 2006 and prior to that held various leadership positions within the public sector.
"Given Liberty's importance as an institution to the Standard Bank Group, our ongoing priority is to enable the company 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 Tshabalala.
Source - fin24
