Reshuffling

After close to five years as CEO of Alliance Capital South Africa, Nku Nyembezi-Heita has resigned and leaves the company in March, to join a cellular network service provider.

Together with the announcement came the news that the company will be closing down the Johannesburg office, and transferring, “…where possible, people located there and their functions, to the Cape Town office, over the next few months”.

Reliable sources maintain that the reason for the resignation is the closing down of the Johannesburg office.

She will remain a shareholder, through 10% BEE partner, Odyssey Investments, and will remain a member of the South African company board, while CIO Greg Eckersley, takes over as caretaker CEO.

Mark Rule, senior equity research analyst, will assume the role of head of South African research.

Sello Setai will take on responsibility for many of the operational aspects of the South African business.