Liberty announces new CEO
30 May 2017
Liberty today announced that David Munro, the current Chief Executive of Standard Bank Group’s Corporate & Investment Banking (CIB) division and a current Non-executive Director of Liberty, will assume the role of Chief Executive Officer of Liberty, effective immediately.
Thabo Dloti, the current CEO, 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.
Mr Dloti believes that given this environment, alignment among key stakeholders is imperative to ensure the effective execution of the strategy required to drive the company forward. This alignment, coupled with the ability to act decisively, is in the best interests of the company and hence Mr Dloti is stepping aside.
Liberty Non-executive Chairman Jacko Maree says, “Thabo has shown great resilience steering Liberty through a challenging period of global financial crisis and local economic instability. We would like to take this opportunity to thank Thabo for his commitment to Liberty.”
Mr Munro began his career as a chartered accountant before joining Standard Bank in London in 1996, where he worked in long-term structured derivatives and built a deep knowledge of international financial markets. He has performed various leadership roles in the Standard Bank Group’s CIB business over the last 21 years. Mr Munro has held the position of Chief Executive, CIB since 2011. He joined the Board of Liberty in February 2017 as a Non-executive Director.
Sim Tshabalala, a Non-executive Director of Liberty and Chief Executive of the Standard Bank Group which owns 54% of Liberty, says “David’s appointment as CEO of Liberty comes at a key time for the company as it seeks to overcome its current challenges. Standard Bank and the Liberty Board have responded decisively.”
Commenting on the leadership change, Mr Maree says that the Liberty Board looks forward to working with Mr Munro in his new role.
Mr Munro will be succeeded at Standard Bank CIB by his Deputy, Kenny Fihla.