CAPE TOWN - Alexander Forbes Group Holdings said on Tuesday it terminated the employment of its Group Chief Executive Andrew Darfoor with immediate effect, citing “a loss of confidence and trust”.
“The board is prioritising the search for a new group chief executive and is confident that an appointment will be made imminently,” according to a statement.
Darfood told Business Report (BR) that he could confirm that his relationship with Alexander Forbes has ended.
"I am not happy about the outcome and will deal with it in due course”, he said.
While Alexander Forbes did not cite or elaborate on the specific reasons for the lack of trust, BR examines Darfoor's experience and business history.
According to Alexander Forbes Darfoor was appointed to his post in August 2016.
Alexander Forbes previously said that under his leadership, the business had defined a new ambition titled “Ambition 2022” for the organisation with a focus on becoming a globally distinctive pan-African financial services leader with an integrated model supported by technology enablement.
Darfoor's achievements have also been recognised by CEO Today. He was seen as a leading CEO in the Winners Edition, according to Alexander Forbes' website.
The former chief executive has been in the financial services industry for more than 20 years and Alexander Forbes touted him as a man of bold vision and a strategic planner.
In 2016, Alexander Forbes emphasised that Darfoor would push for more international growth and would bring turnaround challenges in the financial services sector across multiple continents, including North America, Europe, Asia, and the Middle East.
Darfoor previously worked as the Chief Executive at Sun Life Financial International, a division of Sun Life Assurance Company of Canada. He was in charge of leading a division providing life insurance, protection, savings and wealth management solutions across 50 countries in Asia, Middle East and Africa, Europe and the Americas.
According to Alexander Forbes, under his tenure, Sun Life improved its profits from $90 million (R1.2 billion) in 2013 to $160 million in 2015.
Darfoor also assisted with Sun Life's expansion into new markets. Darfoor also held a number of senior leadership roles at Old Mutual, where he was President and Chief Executive of Old Mutual (Bermuda), and oversaw all aspects of the business, including sales, marketing, investments, human resources, finance, actuarial and operations, transforming the business from a significant loss making position in 2009 to profitability in 3 years.
He joined Old Mutual as the Regional Financial Director for the North American businesses in October 2007 and was appointed Chief Operating Officer for the Old Mutual (Bermuda) business in March 2009 before assuming the President and Chief Executive Officer position in March 2010.
He previously held international management positions focused on strategy and business development at Credit Suisse AG, UBS AG and Ernst & Young.
Darfoor has been since November 2016 a Board Member of The Association for Savings and Investment South Africa (ASISA). In his capacity as a Board member, he chaired the Regulatory Affairs Committee interacting with the regulator (Financial Services Board); National Treasury; SA Reserve Bank, National Treasury Tax Policy Unit, SA Receiver of Revenue and various Parliamentary Committees.
Darfoor received a BSc in Economics from Queens Mary College, University of London and an MBA from Cranfield School of Management, UK.
He also completed executive management programmes at Harvard and INSEAD Business Schools. The former chief executive is an Associate of the Institute of Chartered Management Accountants, holding the ACMA and CGMA designations and is a member of the Securities and Investment Institute.
He is also the recipient of the Deans Award for the Alumnus of the Year from his alma mater Cranfield School of Management, received in 2016, and sat on the Cranfield School of Management Development Board.
- BUSINESS REPORT ONLINE