Listed financial services software provider SilverBridge's chairman has stepped down due to time constraints.
In an announcement to shareholders on Friday, the company said Andile Sangqu resigned as chairman and non-executive director with effect from 31 December.
SilverBridge says independent non-executive director Robert Emslie will take over as chairman from January.
Emslie, a chartered accountant, joined the board in January and has more than 30 years' experience in the financial services sector. He has held positions such as the head of Absa business banking, Absa Africa and Absa Corporate and Business bank.
Sangqu joined the board as chairman in May 2007 when a special purpose vehicle owned and controlled by Kagiso Trust Investments (KTI) purchased a 20% stake in SilverBridge. He was a group executive director of KTI, which is now Kagiso Tiso.
SilverBridge says Sangqu left KTI to become an executive director of Xstrata SA in March 2010, while remaining as SilverBridge's chairman. However, the “time constraints” of his executive position at Xstrata have compelled him to resign from the SilverBridge board, it says.
“Andile has contributed significantly to the strategic direction of the group and the operations of the board over the last four-and-a-half years. The board thanks Andile for his contribution to the group and wishes him well in his future endeavours.”
Sphelele Sangweni, an alternate director to Sangqu, will also resign from the board due to Sangqu's resignation.
The nomination committee, along with discussions with major shareholder Kagiso Tiso Holdings, is reviewing the board composition following the changes, says the listed company.
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