SOUTH AFRICA – Financial services firm Alexander Forbes has announced that Daniel Mminele has been appointed as an independent non-executive director and chair designate of the board and member of the Nominations- and Remuneration committees of the company with effect from January 2022, reports IOL News.
The current chair of the board, Marilyn Ramplin, served on Alexander Forbes subsidiary boards from 2011 to 2020, on the board since March 8, 2018, and as chair of the board since January 1, 2020.
The effective date of Ramplin’s retirement and Mminele’s transition to chair would be April 1, 2022, following the conclusion of the March 2022 board cycle and aligned with the commencement of the new fiscal year.
“Following this extensive and dedicated period of involvement with the Alexander Forbes group, she has indicated a desire to retire from the board in early 2022. Her business has expanded and grown, requiring increased attention and focus and although a portion of her circa 10-year tenure has been at a subsidiary level, she and the Nominations Committee regard it as a timely exit aligned with governance best practice,” the board said.
The board said the transition period would allow Mminele to participate in one full board cycle, including the annual March 2022 strategy session before taking over the helm, which would enable a smooth and successful transition.
Mminele has previously served as chief executive at Absa Group and served two five-year terms as deputy governor of the South Africa Reserve Bank.
“The board thanks Marilyn for her significant contribution in leading the company through a transformative period, which, inter alia, included her serving as interim chief executive officer for a period in 2018,” it said.
This comes as Africa’s largest insurance group, Sanlam, having agreed to buy Alexander Forbes’s individual client administration business (Afica) for R200 million (US$12.54 million) and to sell its stand-alone retirement fund administration business to that insurer for R154 million (US$9.66 million).