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Magda Wierzycka to step down as Sygnia CEO

Her departure will take effect on May 31, 2021.
Sygnia co-founder and joint CEO Magda Wierzycka has been an outspoken critic of “state capture.” Image: Supplied

In a surprise announcement, Sygnia had revealed its co-founder and joint CEO Magda Wierzycka will step down with effect from May 31, 2021.

No reasons were given for her departure, but the group said in a statement that Wierzycka would “remain involved in the company as a non-executive director.”

David Hufton, who currently shares the role with her, will assume the role of sole CEO on June 1, 2021.

The group said Wierzycka had led Sygnia since its inception in 2006 and would “continue to play a key role in shaping the strategic direction of the company together with its executive team and the board of directors.”

Wierzycka and her associates will retain their majority shareholding in the company.

Hufton was appointed as Deputy CEO of the company in July 2018 and as a joint CEO in April 2020.

The board thanked Wierzycka for her dedication and devotion to the company she co-founded in 2006, and is confident that Hufton and the current management team is well-positioned to steer Sygnia into its next chapter.

In the last few years, Wierzycka has been an outspoken critic of “state capture.”

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She is outspoken about everything, not only state capture. A formidable person and a strong flagbearer for entrepreneurship. I salute her.

Seconded, I like her straightforwardness. Something sorely lacking in today’s world of politics and political correctness.

A truly remarkable woman. Fled Poland as the USSR started imploding; lived in refugee camps before coming to South Africa; taught herself English; won a scholarship to study actuarial science; has been battling rheumatoid arthritis for many years.

Yet paid herself billions and her employees not much, shes just another billionaire that would take food out your childrens mouth to make another R50. Dont get too carried away with the tears

The perpetual slave finds pride in his victimhood.

Magda did not force anybody to buy her products or to do business with her company. Clients voted for her by doing business with her. Clients rewarded her for adding value to their lives in a mutually beneficial and voluntary exchange. It is impossible to become wealthy in a market economy without serving the consumer. If she is wealthy, it means that she did a great service to her fellow man.

By offering her services to consumers she actually put food in children’s mouths. How many children did you feed? How many people voted for you by buying your products or services?

I’ve always had the utmost admiration for Magda Wierzycka and have moved all my living annuities to Sygnia over the past year.
Let’s hope that Sygnia under its new management does not become another Allan Gray.

Couldn’t agree more, hopefully they don’t end up like Allan Gray.

Explain please as I’m very happy with Allan Gray over the last 15 years ??

Forgive my ignorance, what happened at Allan Gray?

After 30 years in the market I have seen how individuals complain about PSG, then complain about Sanlam, Old Mutual, Allan Gray, Coronation etc. It depends on the economic cycle and where they happen to be invested at the time. They are fooled by randomness. The fund managers fall under the same regulations, are managed by equally qualified people, buy the same instruments and suffer the same market corrections.

They also have similar overheads, they merely recover the overheads differently.

I invested R2.158 million in an Allen Gray living annuity in May 2018.
I drew an average of R6540 per month from the account as a pension.
At the end of March 2020 it had shown an IRR of MINUS 1.06% before tax.
I closed the investment and transferred the residual amount of R1.983 million to a Sygnia living annuity.
On 25 March this year it had shown an IRR of 34.5% before tax.
Average draw down was R8307 per month.
The fund value is now R2.591 million.
I REST MY CASE.

She is far too clever, capable and energetic to “stand down”. She is probably fleeing the failed state. Cant blames her what with Eskom, Denel, SAA, unemployment, junk status, captured judiciary, failed covid vaccine program, sky high crime, education riots, EWC, NHI etc.

Good luck to her -she was a brave and outspoken business leader, made a billion or so and one cannot begrudge her that as she delivered.

When can we read that any or all of the following stand down:
1. The frog boiler in chief,
2. The Ace ,
3. Mr Hot Chickens,
4. Jamnadas of SAA and Eskom fame,
5. The hat wearing clown,
6. The Astra Zeneca salesman ,
7 . The self described “cat”
8. Assault suspect-Little IDI in red with his breitling and raw number 2

The list of rubbishes would be endless.

Nice …. can you imagine where SA would be if she were CEO instead of Dear Cyril? The rolling heads would be an avalanche.

Take the money and run Magda … to the South of France perhaps?

Wish her all the best for her new Direction. I really hope Sygnia keeps up the good work regardless

Well done

I admire you not only for your grit and courage but also that you beat the boys at they own game.

Got to wonder where outside of SA she will be living in future.

When CEOs of companies and HNWI emigrate (and we have seen many recently) you know the writing is on the wall.

Funnily enough, there are many ANC MPs and hangers-on who themselves are moving their assets out of the country.

It seems they are doing the finishing touches on their hit and run of the country of their birth.

The ANC is abhorrent with its brainless clowns.

We have experienced that trend in small rural communities. Economic circumstances motivate the “Boere Jode” to move out, and the Somalis, Ethiopians and Chinses to move in. The wealthier businessmen left the towns for the cities and now they leave the cities to go abroad. They basically follow property rights and the rule of law. The economic decline caused by socialist government policies shows up in the platteland first, where the “financial cushion” is thin already, and becomes evident in the cities later.

There is a direct link between economic decay and Luthuli House.

Property rights are fundamental to an economy. If you have no security in the property you’re in (as owner or tenant)… Then you have zero security in your house/business/shop.

Nothing here suggests she’s leaving the country.

I think the UK there were reports of her having a business in the UK.

Shes moving to London she really doesnt give a dam about all ur bleeding hearts

You clearly haven’t been investing your money into Allan Gray Balanced Fund over the last 4 years or so, no growth at all but at least there’s a tax saving.Even their neighbours Coronation have outperformed them.No doubt still holding on to their British American Tobacco shares, just like all the talking heads on BDTV talking their book, who tell us the share is a bargain.

There was little growth everywhere. But if one had kept on investing, bought cheap, then you made good profit the last 8 months. But it seems as if the market is slowing down?

Hi Magda

Please write a book about your journey. I will buy 1 000 and give to all business minded people.

Think about it asb.

Flee the beloved country.

Magda you’re one of very few SA business leaders who has the guts to stand up to the govt’s investment alienating policies/laws.If more opened up their mouths, like you, perhaps this country’s economic growth rate would shoot out the lights once again.

Lady of awesome accomplishments and even more outstanding is her achievements considering her background of hardship she has come from. Now wouldn’t it be something for her to write a book on her journey through life, then hand the book out to every South African, especially the opportunistic, unproductive ones who want everything for free because they think out of all the peoples in the world they are the ones that life has dealt the worst hand, thus life owes them the most. The book should be handed out first to the politicians.

End of comments.

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