Capital Appreciation co-founder calls it a day

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 15 Feb 2023

Fintech group Capital Appreciation has announced the retirement of co-founder and non-executive chairman Michael (Motty) Sacks.

The group notified shareholders today of Sacks’s departure, saying he will retire with effect from 28 February.

“Motty, a co-founder of the company, has served in the capacity of non-executive chairman since the company’s listing on 16 October 2015. Motty will also retire as a member of the board committees, on which he presently serves.

“The board would like to thank Motty for his years of excellent leadership and commitment to the businesses of the group, and wish him the very best in his retirement,” says Capital Appreciation.

The fintech group says its board will immediately commence with the process of appointing a successor chairman and a further announcement will be made in due course.

Capital Appreciation is a financial technology company that seeks to serve and partner with established and emerging financial institutions and other clients.

It facilitates the provision of financial services technology platforms, and delivers technologies and solutions.

Sacks departs the company with almost 50 years’ experience as a consultant, advisor and mentor to numerous local and foreign companies and executives.

Michael (Motty) Sacks, retiring Capital Appreciation co-founder and non-executive chairman.
Michael (Motty) Sacks, retiring Capital Appreciation co-founder and non-executive chairman.

He also held executive and non-executive office in various business sectors, including healthcare, financial services, technology, education, property and manufacturing.

Sacks was also a co-founder of Netcare, having served as its executive chairman, thereafter as a non-executive chairman and director.