Moyo decides to focus on other business interests

Xolile Bhengu and Leseja Mokgata

Xolile Bhengu and Leseja Mokgata

ALEXANDER Forbes group chief executive Peter Moyo last night revealed why he had decided to walk away from the company.

Moyo said: "There were differences between me and the board, and it was clear that we would not be able to resolve the issues. I decided to leave.

"When I joined Alexander Forbes I set myself a target of not staying longer than seven years. We knew that this day would come.

"I have a lot of ideas, but the most obvious thing is that I'm still young and I can do a lot of things.

Moyo has held the position since November 2005.

He joined the company at a time when it was besieged by accusations of non-disclosed income from bulking.

Last year, Moyo was outspoken in the media about unlawful bulking of retirement funds. As a result the company was forced to pay its customers R380million.

Moyo said he would not be completely lost to the corporate world. He said Amabubesi Investments, which he runs with partners Sango Ntsaluba and Thabiso Tlelai, would be his focus.

Alexander Forbes chairman Bruce Campbell said the company would announce Moyo's successor in due course.

Moyo will leave the financial services company at the end of December 2007.