ALEXANDER Forbes yesterday announced that Daniel Mminele had 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.
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 conclusion of the March 2022 board cycle and aligned with the commencement of the new financial 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 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 SA 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.
BUSINESS REPORT