Peter Moyo resigns as Group Chief Executive of Alexander Forbes

It is with regret that the Board of Alexander Forbes announces the resignation of Group Chief Executive Peter Moyo with effect from 31 December 2007.  Other than to ensure a smooth handover of responsibilities, Peter will no longer be involved in the running of the business.

Despite the best efforts of the Board to convince Peter to stay at the helm of the company, Peter has decided to leave the Group as a result of differences with the Board. The Board thanks Peter for the commitment he has shown with regard to his responsibilities as Group Chief Executive.

Together with the Alexander Forbes management team, Peter has built a sound and sustainable transformation strategy for the company which is endorsed by the new shareholding consortium including the Shanduka Group and Actis.  During Peter’s tenure, initially as Africa Managing Director and later as Group Chief Executive, there has been a pleasing improvement in the Group’s results.

During his two year period with the Group, Peter and the team successfully navigated the company through a challenging period, leading to improved transparency for all stakeholders.  Alexander Forbes will continue to fulfil the promises of this strategy.

Moyo thanked his team and all the staff at Alexander Forbes for their support during his time as Group Chief Executive, “I’ve enjoyed working with the team through some challenging and exciting times.”

Bruce Campbell, Chairman of the Board of Alexander Forbes, said: “Alexander Forbes is regarded highly as a professional business within the Financial Services sector and the potential of the various segments of the Group is extremely exciting. As a combined entity the group is uniquely positioned to take advantage of opportunities available in the financial and risk management landscape.

“The Group has an outstanding management team supported by dedicated, innovative employees and while it is regrettable that Peter Moyo has decided to leave, we have full confidence that the company will go from strength to strength. We wish Peter all the best in his future endeavours.”

The Board is currently working on a succession plan relating to Peter’s departure which will be announced shortly.