Ryk van Niekerk
1 minute read
18 Apr 2016
2:09 pm

Allan Gray appoints Nhlanhla Nene to board

Ryk van Niekerk

Investment firm Allan Gray has appointed former finance minister Nhlanhla Nene as a non-executive director of the firm.

Former finance minister Nhlanhla Nene | Supplied.

The company said in a statement on Monday that its shareholders approved his appointment to the boards of the holding and operating company.

“We are very happy to have someone of Mr Nene’s experience on our board, and we are grateful that he chose to accept the appointment. We are looking forward to his strategic and leadership contribution to the board,” said Ian Liddle, chairman of the board.

This brings to an end much speculation about Nene’s private sector employment since he was fired by President Jacob Zuma and replaced by Des van Rooyen (and soon after Pravin Gordhan). At the time Zuma justified Nene’s removal as a “redeployment”, as he was apparently destined to head up the African operations of the newly-established New Development Bank – a Brics-focused development  bank.

This appointment was preceded with some rumours that at least one commercial bank had approached Nene for possible employment.

Allan Gray also appointed Andrew Lapping, the chief investment officer, as an executive director.