Credit Guarantee: CEO retires

Mike Truter

Peter Todd, CGI Chairman

Mike Truter, Managing Director and CEO of Credit Guarantee Insurance Corporation of Africa Limited will retire at the end of July 2013, the company’s Chairman Peter Todd announced today. Truter, who joined Credit Guarantee in 1986, has reached the company

Mike was appointed as Credit Guarantee’s Managing Director and CEO in 2002 after serving 5 years on the board as the company’s Chief Operating Officer. During his tenure, he built Credit Guarantee into one of the largest and most profitable specialist insurance companies in South Africa.

“Mike can be truly proud of his achievements in building Credit Guarantee into a world-class credit insurer”, remarked Todd as he wished Truter well in his retirement. Todd was also quick to point out that Truter’s knowledge and expertise would not be lost to the company as he will be appointed to the board of Credit Guarantee after a short sabbatical.

Todd also announced that Mr Charles Nortje, Managing Director: Risk Management Practice at Marsh Africa will be joining Credit Guarantee as the new CEO. “Charles, a Chartered Accountant by profession, comes with a wealth of insurance experience having served in senior executive positions in the industry over a number of years”, said Todd. “I look forward to working with Charles and the executive team as we look to build on the success of Credit Guarantee”.