Strate COO resigns

The COO of SA's Central Securities Depository (Strate) has resigned.

Erna Solomon, who joined the electronic settlement company in July 2003, will leave with effect from 18 November.

The public unlisted company, which has R1.4 trillion-worth of dematerialised assets under custody, has appointed Mike Higgo as interim COO. Higgo, a CA with an MBA, has experience in interim management within the financial services and IT arena.

In his capacity as an executive director of Palladium Phendula, Higgo consulted to the Nedcor Group, Investec, Vodacom and Glenrand, among others.

Strate is 41%-owned by the JSE, with Absa owning 12.7%, FirstRand 12.7%, Nedbank 16.8%, Standard Bank 16.8% and Citibank 0.1%.