JOHANNESBURG, May 30 (Reuters) - 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)