Sasfin Holdings’ longstanding chief executive Roland Sassoon is to step down from his position effective January 1, 2018.
Sassoon, who has lead the business for almost 50 years, is to step aside as group chief executive but will retain his role as chief executive of Sasfin Bank and as non-executive director of the financial services so as to allow for a smooth transition, Sasfin said in a statement.
“Roland Sassoon has, over the last five decades, led the transformation of what was a small family textile trading business into Sasfin Holdings as we know it today. He has built a strong and deep management team and a business which is well positioned to grow into the future,” Roy Andersen, chairman of Sasfin’s board said.
In his capacity as chairman, Andersen said he has engaged with key stakeholders including the South African Reserve Bank for two years regarding succession within the group.
Sassoon is to be succeed by son Michael Sassoon, currently an executive director at the group. Michael joined the family business in 2009, leading Sasfin Wealth and Sasfin Capital. He was appointed executive director of Sasfin Bank and Sasfin Holdings in 2013.