New Sanlam Group Chief Executive Officer
Mr Kirk, the current Group CEO, will remain available to the organisation after Mr Hanratty takes over as new Group CEO in July. He will fulfil various responsibilities, including support to Mr Hanratty, until 31 December 2020 when his five-year contract at Sanlam ends.
The Board’s decision is that Mr Hanratty will commence duties as Group CEO on 1 July 2020. However, in light of the very challenging times that South Africa is facing in dealing with the Covid-19 crisis, Mr Kirk will continue to play an important role at an ASISA industry level, working with the Government in addressing these challenges. He will continue in a leadership role in the Group through these times and be available until 31 December 2020, as the situation normalises, fulfilling various responsibilities, as well as supporting with the handover to Mr Hanratty.
The appointment of the new Group CEO follows rigorous deliberations by a special ad hoc Board Committee led by Dr Shirley Zinn, a seasoned Human Resources professional who is an independent non-executive director on the Sanlam Board. The Committee was also assisted by relevant external service providers to find and evaluate appropriate internal and external candidates.
Dr Zinn commented:
“The Committee considered applications from several internal as well as external candidates. Shortlisted candidates submitted impressive proof of experience as well as sets of key strategic priorities to ensure the Sanlam Group’s growth trajectory into the future.
“In the end, the Committee was guided by evidence of significant experience to successfully manage a complex financial services business. Experience and insight into the broader financial services sector, including peers, was also considered. Given Sanlam’s scale and relative diverse business activities, the Committee recommended to the Board that Mr Hanratty be considered to be appointed as new Group CEO.”
Under Mr Kirk’s leadership the Sanlam Group has achieved many accolades. Sanlam has achieved the clear leadership position amongst insurance groups operating in South Africa and on the African continent. Key to this was progress on implementing the Group’s profitable growth strategy over the past few years and the completion of the Saham transaction in Morocco. This transaction has cemented Sanlam’s position as having an unparalleled footprint across 32 countries on the African continent.
Mr Hanratty, a qualified actuary, has served on the Sanlam Board as a non-executive director since 3 April 2017. Before he was appointed to the Sanlam Board in 2017, he held key leadership positions at Old Mutual.
Commenting on his appointment, Mr Hanratty said:
“Leading an organisation of this scale is certainly an honour. Over the last two decades or so Sanlam has successfully demonstrated that it is able to consistently unlock value for shareholders and the rest of its stakeholders.
“Significant shifts in the operating environment in both South Africa and elsewhere in our key markets may result in increased challenges to Sanlam achieving its business objectives. In successfully meeting these objectives, we’ll be guided by the Group’s existing strategy and we’ll consider the necessary shifts where required and relevant. I look forward to working with Sanlam’s Group Executive Committee as well as its various stakeholders.”