South Africa’s largest insurer Sanlam announced new faces to its top three jobs on Tuesday, naming non-executive director Paul Hanratty as new CEO from July to succeed Ian Kirk who said earlier this month he would step down.
Acting chief financial officer Wikus Olivier, in the role since July 2019, would be replaced by Abigail Mukhuba, the company said in a statement.
Elias Masilela, a former head of South Africa’s Public Investment Corporation, succeeds Chairman Johan van Zyl whose departure was announced in March 2019, it added.
“Sanlam views leadership succession as important and takes a proactive stance when it comes to leadership transition,” the statement said.
“Vacancies in the most senior positions have created the opportunity to find the best available candidates as well as advancing the Group’s transformation agenda at the most senior levels in the organisation.”
Sanlam said Kirk would remain available to the organisation until the end of his contract in December, fulfilling roles including supporting the new CEO.
Hanratty, an actuary, joined Sanlam as a non-executive director in April 2017 from rival Old Mutual, where he most recently served as group chief operating officer, a role he held since 2013.
“Significant shifts in the operating environment in both South Africa and elsewhere in our key markets may result in increased challenges to Sanlam achieving its business objectives,” he said of his new appointment in a statement.
He added that strategy shifts would be considered where necessary.
Mukhuba, the new financial director, will join from mining company African Rainbow Minerals, where she has held that title since 2017.
Sanlam shares were up 2.17% at 10:28.