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Departure of senior executives doesn’t hamper Letshego

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Departure of senior executives doesn’t hamper Letshego

Despite suffering a set back during the course of the year due to the unexpected departure of some senior members of the executive team, Letshego this week announced it has achieved an impressive set of financial results of the year ended 31 December 2019.

In March last year, the Pan-African financial services group was rocked by the sudden departure of Chief Financial Officer, Colm Patterson, who left after having been with the company for 11 years.

In yet another unexpected development, weeks later, Patterson was followed out of the exit door by the group Chief Executive Officer, Crouse Smit, who was appointed to the position just six months back.

However, the group which operates in several African markets this week announced it has achieved growth in both income and profits against the backdrop of the above mentioned developments.

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For the year 2019, Letshego’s profit before tax is P1.1 billion which is an increase of 11 percent from the previous corresponding period.

Meanwhile, after going through a turbulent year due to the departure of senior executive members as well as other members of the board, the group has moved to appoint new executive members.

Andrew Fening Okai has been appointed as the Group’s CEO, taking over from Dumisani Ndebele who has been acting in the position since the resignation of Smit.

Okai is said to be a seasoned international banker with over 20 years experience in the financial sector and has spent most of his time with Standard Bank Group.

Furthermore, Gwen Muteiwa has been announced as the CFO, filling up the position which has been vacant since the departure of Patterson while former Barclay Bank Botswana (now Absa) Acting Managing Director, Aupa Monyatsi has been appointed as the Group Chief Operating Officer.

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While Letshego registered impressive results, the company says it expects its financial fundamentals to remain robust.

Over the next 12 to 18 months, Letshego which operates in 11 African markets, including Botswana says the key risks to the business will continue to come from changing economic fundamentals across its regional footprint, in particular Namibia due to changes in regulation relating to insurance and pricing.

Despite these risks, the group targets to grow Net Advances to customers by over 10 percent in line with improving shareholder returns.

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