Business Insider Edition

Ex-CEO has now sold almost R154 million in Sanlam shares

Phillip de Wet , Business Insider SA
 Nov 13, 2019, 04:29 PM

Sanlam's chairperson and former CEO for 13 years, Johan van Zyl, sold another almost R119 million worth of shares this week.

This after he got rid of R35 million in shares in September, at an average price of R77.94 per share.

On Monday and Tuesday, Van Zyl sold almost 1.5 million shares at an average price of around R81. The transactions netted him almost R119m.

Sanlam described the transactions as "balancing of portfolio" in its statement to shareholders. 

In interim results released in September, Sanlam said that “slower than expected” progress in solving SA’s challenges has “severely limited” its new business growth prospects.

Van Zyl is the co-CEO of African Rainbow Capital (ARC), which has a large voting stake in Sanlam after a number of deals between the groups. ARC is also an investor in Alexander Forbes, and that led to complaints that though he is a non-executive in Sanlam, Van Zyl is too conflicted to look after the interests of all shareholders.

In March, Van Zyl told Business Day that his decision to step down as chairperson in 2020 had nothing to do with such complaints.

Sanlam has promised to find a suitable non-executive chairperson to replace him.

Van Zyl was the CEO of Sanlam between 2002 and 2015, and was appointed as chairperson after magnate Patrice Motsepe turned down the job.

Receive a daily email with all our latest news: click here.

Also from Business Insider South Africa:

  • Indicators
  • JSE Indexes
14.61
-0,1%
19.20
-0,1%
16.16
-0,1%
$1,460.00
0,01%
55307.31
0,96%
DAILY BUSINESS INSIDER UPDATE

Get the best of our site delivered to your inbox every day.

Sign Up