CEO Today Africa Awards

www.ceotodaymagazine.com 46 CEO Today Africa Awards 2017 SOUTH AFRICA Joining Alexander Forbes after a 20-year professional career spanning several global markets was both an exciting and a challenging assignment for Andrew Darfoor, who became the Group Chief Executive on 1 September 2016. It was exciting in the sense that he was taking over a listed company with a distinct and proud 85-year heritage in the South African economy and a key player in the financial services sector. Challenging because Alexander Forbes strategy had to be redefined if it was to further grow its business in the face of intensifying competition, both in its home market and in sub-Saharan Africa, where other global players are either invested or exploring for growth opportunities. The first 100 days as Group CEO were therefore spent understanding the business, its client value proposition and understand the dynamics in the financial services sector, as well in South Africa, where issues of financial well-being are core to the government’s economic transformation agenda. This culminated in the crafting and adoption of an ambitious five-year vision themed “Ambition 2022” whose aim is to grow a globally distinctive pan-African financial services leader. In addition, the group’s business model was streamlined to create three distinct business divisions of Institutional Clients, Retail Clients and Emerging Markets. At its core, Darfoor says “Ambition 2022” is to help Alexander Forbes customers on what he calls a life-time journey of financial security and well-being. This vision is particularly important considering the poor financial outcomes of many working people. For example, in South Africa, a study by Alexander Forbes has shown that only 6% of working people will be able to retire comfortably at their current pension contribution rates. CEO INSIGHT ABOUT ANDREW DARFOOR Andrew Darfoor has a BSc in Economics from Queen Mary College, University of London, and an MBA from Cranfield School of Management in Bedford, UK. He has professional certifications, among others, from Harvard University and the Graduate School of Management of Insead, France. His professional career spans senior executive and board roles at leading global financial companies such Sun Life Financial in Toronto, Canada and New York/Boston, Old Mutual Plc in London, Bermuda and North America, Credit Suisse AG in Zurich, and Ernst & Young in the UK. Portfolios he has managed include life insurance, wealth management solutions, streamlining, product line differentiation, market leadership, acquisitions and post-merger integration. Alexander Forbes is on Facebook, LinkedIn and on Twitter. ANDREW DARFOOR Group Chief Executive of Alexander Forbes