JOHANNESBURG May 30 South African life insurer
Liberty Holdings has appointed Standard Bank's
head of investment banking as its new chief executive with
immediate effect, the company said on Tuesday.
David Munro, Standard Bank's head of corporate and
investment banking, will take the reins, following the
resignation of Thabo Dloti, chief executive for the past three
years, after a disagreement with the board.
Standard Bank has a 53 percent stake in Liberty and has been
working on a turnaround plan at the insurer, which has been
struggling to grow profit.
"Thabo is leaving Liberty following a difference of opinion
with the Board on the immediate focus of the company at a time
when the organisation is facing tough operational and
environmental challenges," Liberty said in a statement.
(Reporting by TJ Strydom; Editing by Sunil Nair)