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Insurer MMI's CEO to step down in management shakeup

The company also appointed former executive director of fund manager Allan Gray, Jeanette Marais, as a second deputy CEO from the beginning of March. Mary Vilakazi was appointed deputy CEO in July 2017.

Picture: Twitter/@MMIHoldings

JOHANNESBURG - Nicolaas Kruger will step down as the chief executive of MMI Holdings with effect from 15 February, the South African life insurer said on Tuesday, sending its shares up nearly 7%.

Kruger will be replaced by Hillie Meyer, who has agreed to join the firm on a three-year contract, MMI said.

“This decision comes after a few months of discussions between Nicolaas and the MMI Holdings Board that enabled the Board to consider the appointment of his successor with due care,” the company said in a statement.

At 09:13 GMT, shares in the firm climbed 6.93% to R21.60.

The company also appointed former executive director of fund manager Allan Gray, Jeanette Marais, as a second deputy CEO from the beginning of March. Mary Vilakazi was appointed deputy CEO in July 2017.

The board also appointed Risto Ketola, current chief financial officer as the group’s financial director, it added.