The Black Management Forum (BMF) has strongly criticised South African life insurer Liberty Holdings for its failure to implement a succession plan.
This come after Liberty CEO Thabo Dloti resigned with immediate effect on Tuesday, citing differences with the board.
Standard Bank corporate and investment banking CEO David Munro takes over from Dloti.
BMF managing director Busi Mavuso says poor succession planning is reversing the efforts of transformation in the private sector.
If succession planning was done right, Thabo Dloti would have groomed a successor that would have been ready and able to step into his shoes when he walked out of his positions.— Busi Mavuso MD of Black Management Forum
Dloti resignation has now reduced the number of black CEOs of JSE-listed companies.
Corporate South Africa is clearly sleeping on the job.— Busi Mavuso MD of Black Management Forum
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This article first appeared on CapeTalk : Liberty Holdings failed to put succession plan in place - BMF