Johannesburg - Alexander Forbes chief executive Peter Moyo - who is credited with stabilising the pensions funds administrator after its bulking scandal - resigned yesterday over what the company described as "difference of opinion" between him and the board.
Bruce Campbell, who has since assumed the position of acting chief executive, was at pains to explain that there was nothing untoward in Moyo's departure.
Campbell said: "It is not uncommon when you are changing the structures of a business, there will be some difference of opinion."
Although Moyo's resignation is not entirely unexpected, it might damage the firm's reputation, which had come under fierce attack from several quarters - including the Black Management Forum (BMF) - after Campbell's appointment as executive chairman in August.
"I will be naive to think that there will be no fallout ," said Campbell.
Moyo, who joined Alexander Forbes in November 2005, was tight-lipped about his exit and the differences with the board.
He leaves at the end of December. "Other than to ensure a smooth handover of responsibilities, will no longer be involved in the running of the business," said the company.
BMF president Jimmy Manyi, who was not surprised by the resignation, said Moyo's exit was an indication that he did not want to be undermined.
Moyo did not reveal what he would do after leaving Alexander Forbes but said: "There are a lot of exciting things that I can do I am still young and have a lot of energy."
Although Campbell said a successor to Moyo would be named soon, he did not say whether it would be someone from within the firm.