The Alviva board has officially announced Ashley (Oshy) Tugendhaft, current deputy chairperson, as the new non-executive chairperson.
He will replace founder Arnold Fourie, who resigned last month as non-executive chairperson. Tugendhaft previously served as non-executive chairman from March 2015 until July 2016.
According to a statement, Tugendhaft has had a long-standing association with the company.
"Tugendhaft [Oshy] has held various positions within the company, including that of non-executive director, deputy chairperson and is currently a member of the remuneration committee.
"It is Fourie's view that the succession planning process that started two years ago has now been successfully implemented, and that the current management team and board are capable of taking the Alviva group to new heights."
Sixty-nine-year-old Tugendhaft holds BA and LLB degrees from the University of the Witwatersrand and is a senior partner of attorneys Tugendhaft, Wapnick, Banchetti and Partners. He is said to specialise in commercial, corporate, banking, stock exchange, tax and exchange control law.
He has served on numerous boards, including that of Tsohle Technology, Tiso group, African Bank and Imperial Holdings.
In late 2015, Fourie announced his intentions to step away from his then role as CEO to one of joint-CEO, a portfolio that was shared with current CEO Pierre Spies. At the time of the announcement, the firm said Fourie would focus his expertise on guiding the group's strategy on new growth initiatives.
"The board expresses its sincere appreciation to Fourie for his role in establishing the group and wishes him well with his future endeavours. Although we will greatly miss all of his wisdom, experience and counsel, the appointment of an independent non-executive chairperson will further strengthen the independence of the board," notes Alviva.
Alviva, previously known as Pinnacle Holdings, officially changed its name in March following approval from shareholders at its 2017 annual general meeting. The company says the new name is derived from the Hebrew word 'aviva', meaning 'spring', and originating in the root word 'viva' meaning 'to breathe life into'.
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