THE ANC-backing Progressive Professional Forum has lashed out at both banking group FirstRand Group and accounting services firm KPMG for failing to replace their outgoing black African chief executives with people from the same racial group.
PPF president Jimmy Manyi recently tweeted: "Transformation in the private sector is in reverse gear. FNB and KPMG black CEOs are not replaced by other blacks.
In another tweet he wrote: "BUSA & BLSA have allowed transformation to slide in the pvt [sic] sector. FNB & KPMG could not find a black CEO??? Scandalous!!"
Business Unity SA and Business Leadership SA did not respond to Sowetan's questions.
Manyi's criticism echoed the views of Association of Advancement of Black Accountants and Black Management Forum, that last October lashed out at KPMG's election of Trevor Hoole as Moses Kgosana's replacement.
Hoole will take over in August. Johan Burger will replace Nxasana in September.
Manyi told Sowetan it was disturbing that the financial services sector lacked transformation and that the black CEOs failed to have succession plans in place that would have resulted in black professionals taking over. "If you have a black CEO who is a product of transformation, there is a big expectation created that when you retire you'll be succeeded by a black individual," he said.
Manyi said he knew black senior bankers who could have easily taken over from Nxasana.
Nxasana disagreed the financial services sector was one of the least transformed, saying the Employment Equity report showed that 32% of top management were black people as opposed to 14.4% in the agriculture sector.
He said 35% of top management at FirstRand, 54% at First National Bank, 40% at WesBank and 47% at Corporate Centre were black people.
KPMG's chairman of the policy board, Ahmed Jaffer, refuted claims that the company was not committed to transformation. "We strongly believe meaningful and substantive transformation is not reflected in a single individual but rather in the entire leadership team . charged with the firm's transformation goals.
".the current executive committee is 50% black and the policy board is 60% black," he said.
Transformation in 'reverse gear'
THE ANC-backing Progressive Professional Forum has lashed out at both banking group FirstRand Group and accounting services firm KPMG for failing to replace their outgoing black African chief executives with people from the same racial group.
PPF president Jimmy Manyi recently tweeted: "Transformation in the private sector is in reverse gear. FNB and KPMG black CEOs are not replaced by other blacks.
In another tweet he wrote: "BUSA & BLSA have allowed transformation to slide in the pvt [sic] sector. FNB & KPMG could not find a black CEO??? Scandalous!!"
Business Unity SA and Business Leadership SA did not respond to Sowetan's questions.
Manyi's criticism echoed the views of Association of Advancement of Black Accountants and Black Management Forum, that last October lashed out at KPMG's election of Trevor Hoole as Moses Kgosana's replacement.
Hoole will take over in August. Johan Burger will replace Nxasana in September.
Manyi told Sowetan it was disturbing that the financial services sector lacked transformation and that the black CEOs failed to have succession plans in place that would have resulted in black professionals taking over. "If you have a black CEO who is a product of transformation, there is a big expectation created that when you retire you'll be succeeded by a black individual," he said.
Manyi said he knew black senior bankers who could have easily taken over from Nxasana.
Nxasana disagreed the financial services sector was one of the least transformed, saying the Employment Equity report showed that 32% of top management were black people as opposed to 14.4% in the agriculture sector.
He said 35% of top management at FirstRand, 54% at First National Bank, 40% at WesBank and 47% at Corporate Centre were black people.
KPMG's chairman of the policy board, Ahmed Jaffer, refuted claims that the company was not committed to transformation. "We strongly believe meaningful and substantive transformation is not reflected in a single individual but rather in the entire leadership team . charged with the firm's transformation goals.
".the current executive committee is 50% black and the policy board is 60% black," he said.
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