Third generation takes helm at Nictus

Nictus Limited has announced the appointment of Gerard Tromp as its new Managing Director, with effect from 18 April.
He follows in the footsteps of his father, Nico Tromp who stepped down after 37 years of service. Nico Tromp, who succeeded the group’s founder, PJ Tromp, will continue to serve on the Board as a non-executive director.
The Board unconditionally approved Tromp’s succession into his father’s role, based on the balance of evidence of his experience, and his trustworthy managerial track record within the group.
Tromp said although his appointment may appear counter-intuitive, the benefit of the transfer over successive generations brings a long-term orientation to sustainability of the group. Awareness of the responsibility of stewardship, stretches back to his youth, and looks ahead to generations to come. The long-term approach, he notes, also serves the interests of shareholders.
Speaking about his appointment, he said although three generations of the family have fostered the group’s growth through a transfer of values, the group’s values system is formalised in corporate philosophy and permeates management decisions on a day-to-day basis. The group, he said, pins itself on King III governance principles, as well as managerial and operational best practices by appointing skilled, professional management.
Talking about the future of the group, Tromp said its primary goal is long-term growth for its shareholders. Citing the Nictus 2015 annual report he said the group shows strong growth with 2015 assets increasing to R501 million, up by 15% from R433,7 million in 2014. The group stated assets of R334 million in 2013 subsequent to unbundling from its Namibian operations with the same name in 2012.
He went on to say that the South African entity is currently reinvesting in the sustainable development of its footprint in the furniture and short-term insurance segments. We believe that in spite of current volatility in the region, there is ample room for growth in the South African market, and that our reinvestment is a valid reflection of this operational priority, he said.
Tromp added that rapid consumer uptake within the group’s footprint confirms the value of reinvestment in growth. Growth, Tromp said, is underpinned the group’s ethos of service, value and consistent application of current best practice and integrity.
Our consistent growth, since unbundling has given us a clear indication that this is indeed the case, he concluded.