Former chairman Campbell appointed chief executive after Moyo resigns

XOLILE BHENGU and LIHLE Z MTSHALI

XOLILE BHENGU and LIHLE Z MTSHALI

Barely two days after Peter Moyo announced his resignation as chief executive of Alexander Forbes, Bruce Campbell, the current chairman, has been appointed to replace him.

The company announced Campbell's appointment yesterday, and named Sello Moloko, chairman and founder shareholder of Thesele, a black-owned investment company, as Campbell's replacement.

Moyo resigned as chief executive of Alexander Forbes on Monday, citing irreconcilable differences between him and the company's board as the reason for his sudden departure.

Jimmy Manyi, president of the Black Management Forum (BMF), said: "They have constructively dismissed Moyo and now they have installed a white person. "This appointment is a confirmation that institutions do not want black people in operational roles."

Manyi was highly vocal in September over what he called a controversial appointment of Campbell as Forbes' chairman, which he said could be seen as a baby-sitting exercise and a vote of no confidence in Moyo's abilities.

Moyo said his view on Campbell's appointment was irrelevant because he would be leaving at the end of the year.

He said: "I wish Bruce Campbell all the best as I would wish anyone who takes on a new appointment."

On behalf of Alexander Forbes shareholder, Shanduka Group, Cyril Ramaphosa said: "I am confident that Sello's background, knowledge and experience coupled with his proven leadership skills demonstrated at large corporates and in his own business will bolster the highly regarded Alexander Forbes' management team.

Commenting on the changes, Campbell said: "I am looking forward to working with Sello in his role as chairman to take this great business into the future and to reach the goals I know we can achieve together."

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