JOHANNESBURG - Financial services group Rand Merchant Investment (RMI) on Wednesday announced the retirement of its co-founder and chairman, Gerrit Thomas Ferreira, who will turn 70 next month when retirement becomes compulsory.
RMI said Ferreira will be replaced as chairman by Jannie Durand, the current deputy chairman, effective 31 March.
Affectionately known as "GT", Ferreira has been involved in the financial services sector since graduating from the University of Stellenbosch. He was a co-founder of Rand Consolidated Investments in 1977, which acquired control of Rand Merchant Bank (RMB) in 1985.
When RMB Holdings was founded in 1987, he was appointed chairman, a position he still holds. He has also been RMI's chairman since its inception in December 2010 and a driving force behind the group's value creation and relentless pursuit of high values.
Ferreira was also instrumental in building financial services businesses such as FirstRand, Discovery, MMI and OUTsurance.
"GT's legacy will remain as a set of unique values instilled in RMI. These values will ensure that the set strategy is implemented with integrity and discipline to create further value for stakeholders," the firm said.
RMI also announced the retirements of board members Jan Dreyer and Khehla Shubane on 31 March, and lead independent director Pat Goss on 10 April.
In their places, RMI appointed new board members Mamongae Mahlare, Ralph Mupita, and James Teeger as independent non-executive directors; or David Frankel as an alternate to Teeger.