Louis Fourie, Executive Chairman of private client wealth management firm Citadel and its listed parent, Peregrine Holdings, has announced his retirement from the group. His exit will become effective 1 November 2006.
Fourie (47), co-founder of Citadel 13 years ago, has served as Citadels Chairman for the past ten years. He was appointed Chairman of the Peregrine board following Peregrines acquisition of Citadel in 2002.
Asking Fourie what motivated his decision to take a break from corporate life, he said that renewal was essential for people and organisations.
"Citadels business and investment processes have reached a level of maturity that allows me to pass the baton responsibly. I am also satisfied that its integration into the Peregrine group has been concluded successfully."
Under Fouries guidance, Citadel grew into one of South Africas dominant wealth management businesses, today managing private client wealth of over R11 billion. The Peregrine Group, in turn, reported record attributable earnings of R252 million for its financial year to 31 March 2006- and has become a leader in alternative asset management in South Africa. The group manages more than R26 billion of assets.
Sean Melnick, Peregrine co-founder and CEO and Citadel director, says that Fouries role has been pivotal in re-positioning the Peregrine group and that he has made a unique and enormous contribution in helping to establish one of South Africas leading wealth and asset management firms. He extended his personal thanks to Fourie.
The Peregrine board has resolved that Melnick will relinquish his position as group CEO in November in order to assume the Executive Chairmanship of the group.
Keith Betty, who has enjoyed a close working relationship with Melnick over the past five years, has been offered the position of Peregrine group CEO, whilst retaining his current role as Citadel CEO. This dual role will require several changes in responsibility within Citadel which will be implemented in due course.
Betty (40), a Chartered Accountant, joined Citadel in 1998 after successful careers at both Alexander Forbes and Investec. He was appointed as Citadel CEO in July 2002 and has been an invitee to Peregrine board meetings for the past three years.
The executive functioning of the Peregrine group will be further augmented by a newly formed executive committee comprising several key and long-standing Holdings individuals as well as the managing directors of Peregrines most significant business divisions.
Melnick will focus on managing the groups growing balance sheet. He will continue to play a leading role in steering the groups strategic direction and will remain a primary point of contact for investor interaction.
The current year marks a decade since the inception of the Peregrine group. The Peregrine board is of the opinion that the changes to the executive structure of the group announced today will provide substantial impetus to a new and exciting era of growth for the group.
Further board appointments relating to the groups proposed BEE deal are expected to be announced in due course.
Get the latest issue of FAnews