Alexander Forbes announced on Tuesday morning that it had terminated the services of CEO Andrew Darfoor.
In a notice to shareholders, the financial services provider said its board resolved to terminate Darfoor’s services with immediate effect – as a result of a “loss of confidence and trust”.
Darfoor was appointed in 2016, taking over from Edward Kieswetter who retired.
The board in the mean time is prioritising the search for a new group chief executive.
Marilyn Ramplin, an independent non-executive director will be the interim group CEO.
The group’s share price opened the day on Tuesday at R5.00 a share, and had rallied by 6.19% to trade at R5.15 a share by 10:09.