Magda Wierzycka, the joint CEO of financial services firm, Sygnia, is due to step down in May.
David Hufton, who currently serves alongside Wierzycka as joint CEO will take over as sole CEO on 1 June. Wierzycka will remain as a non-executive director, with the company saying she will continue to play an important role in the company’s strategic direction.
Wierzycka came to South Africa from Poland in the 1980s as a teenager with her family, going on to earn a Bachelor of Business Sciences degree at the University of Cape Town.
She founded Sygnia in 2006. The company has been very successful and has seen the assets under management grow from R2 billion when it was founded to R250 billion today. The company has also been innovative in the passive investment market. In 2020 it recorded a 64% increase in after-tax profit of over R200 million.
Following the announcement of her departure Wierzycka said in a tweet: ‘The biggest mistakes entrepreneurs make is to believe they can transition into professional executive management roles. I prefer to focus on what I am passionate about: strategy, innovation and looking for new opportunities. Sygnia will continue to benefit from my best skill set.’
The Institute of Race Relations (IRR) and Wierzycka came into conflict last year after the IRR had asked numerous fund managers to make their stance clear on the issue of prescribed assets. Wierzycka accused the IRR of ‘blackmail’.