The financial services industry is mourning the passing of an outstanding leader, Desmond Smith. File Image: IOL
The financial services industry is mourning the passing of an “outstanding leader”, Desmond Smith.
He was appointed non-executive director on the boards of Sanlam and Sanlam Life Insurance in 2009. Smith joined Sanlam in 1968, where he became MD in 1993. He retired from Sanlam at the end of 1997.
He served as MD of RGA (Reinsurance Group of America South Africa) from 1999 to 2005.
He was a past president of the Pensions Institute of Southern Africa, and the Actuarial Society of South Africa.
Paul Hanratty, Sanlam Group CEO, said in a statement on Tuesday, “It is with sadness that Sanlam has received the news of the passing this morning of Mr Desmond Smith, the former chairman of Sanlam Limited (2010 – 2017), who had also served as the chairman of Santam (2003 – 2010). In the coming days, there will be a lot said and written about Desmond as we all ruminate about his life and times. What will be consistent in our reflections as the Sanlam family is that Desmond’s blood was genuinely blue, and his career and personal history are most closely knit to Sanlam’s.”
“A true example of our proud history of growing our own timber, Desmond received a Sanlam bursary to study for a BSc degree and joined the company in 1968 in the Actuarial department. He navigated the company, gaining valuable experience and knowledge across the business, becoming a key member of the management team until, at just 45 years old, he was appointed as the Managing Director in 1993. He still holds the record as the youngest ever MD of this company and with a 50-year tenure,” Hanratty further said.
Hanratty described Smith as a Titan and said, “Perhaps easily mistaken for being unassuming for his generally modest character who engaged easily with staff at all levels throughout his time at Sanlam, Desmond was a titan that formed a significant part of the foundations for the Sanlam we have today and on which we continue to build. Among many feats under his leadership, the company pioneered South Africa’s first ever broad-based black economic empowerment deal with New Africa Investments Limited (Nail).”
“At a humanitarian level, he contributed to professional bodies and academic institutions. He had a passion for education and always took a personal interest in upskilling staff and following up on their children’s studies. He championed the Sanlam Awards for Excellence in Financial Journalism and was instrumental in the establishment of the awards in 1974, remaining passionate about the awards even when he was chairman of the Board,” Hanratty further stated.
Sanlam’s current chair, Elias Masilela said,, “No words can explain the loss of Desmond, to his family, Sanlam, the Actuarial fraternity, and the broader business community. He touched and influenced many lives. I am one of those. His leadership as Chairman of Sanlam, when I was an employee, influenced me immensely. It is sad that I must bid him farewell, whilst standing in his shoes. May the family be comforted in this difficult time. Lala ngoxolo Desmond.”
Sanlam said as a business, it owes Desmond a huge debt of gratitude and may his soul rest in peace.
“On behalf of the Board and the executive as well as all staff across the Group, Sanlam CEO Paul Hanratty sends our sincere condolences to his wife Estelle, his daughter, Gillian and son, Brendan as well as his extended family and friends,” Hanratty said.
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