Allan Gray banking on Nene’s experience
IOL Business - Apr 19th 2016, 10:36
Johannesburg - Asset management group Allan Gray has appointed former finance minister Nhlanhla Nene as a non-executive director, hoping to tap his strategic and leadership skills, it said on Monday (18 April).
President Jacob Zuma fired Nene, who was keen to rein in government spending in Africa's most industrialised economy, in December, replacing him with little-known David van Rooyen.
The move sent the rand currency to record lows, sparked a sell-off in bank stocks and sent yields in both local and dollar-denominated debt soaring.
Days later, Zuma appointed Pravin Gordhan as finance minister, giving South Africa its third finance chief in a week after a selling frenzy in the markets.
The changes prompted warnings of possible downgrades from ratings agencies, and raised concerns about political interference in the running of South Africa's economic affairs.
Allan Gray said it picked Nene for his extensive experience in the financial services and public sector.
“We are very happy to have someone of Mr Nene's experience on our board... We are looking forward to his strategic and leadership contribution to the board,” Allan Gray board chair Ian Liddle said in a statement.From © Independent On-line 2016. All rights reserved.
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