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Mike Jackson, CEO of PPS Group, the financial services provider focused on graduate professionals, today announced that he will step down as CEO at the end of September as he enters retirement. His position will be filled by Izak Smit, the former Managing Executive of ABSA Financial Services Distribution in South Africa.
Jackson was appointed as the CEO of PPS in September 2003 and the company has experienced magnificent growth under his management. The company’s financial results, which show that the total cumulative profit-share allocation to members* was R22 billion over the last ten years, are proof of the excellent performance.
Smit will be taking over the reigns as the new CEO with effect 25 July 2016. Smit is a qualified actuary with an Honours Degree in Commerce and a Post Graduate Diploma in Strategy and Innovation from Saïd Business School at Oxford University. He started working at ABSA in 2005 where he was the Head of Actuarial at ABSA Life, then Head of Risk and Capital Management after which he was promoted to Managing Executive at ABSA Life. From 2011 until 2016 he was Managing Executive of ABSA Wealth and Investment Management Distribution.
Jackson stated that he is more than confident that Smit is a suitable replacement and that he has great ambitions for PPS under the new leadership. “Izak’s wealth of experience in the key elements of our industry make him the ideal candidate for the position of PPS CEO and we look forward to welcoming him. Leadership in a mutual company is inherently different to that of a company with shareholders and thus requires a unique management approach, which is exactly what Smit will bring to the table.”
“I will not be losing contact with PPS as I will continue to serve on the Boards of PPS Investments, PPS Healthcare, PPS Short-Term and PPS Mutual Australia. I look forward to my continued championing of PPS’ values in a different role,” said Jackson.
“We have experienced major change at PPS during my 13 year tenure and I am very proud of the strong, cohesive and effective management team that will stay behind at PPS. This team will, under the leadership of Smit, take the business forward and ensure that the platform we have built together will continue to grow and guarantee that PPS remains the financial services home for all professionals,” concludes Jackson.
* PPS members with qualifying products