Treoc International Limited has announced that Coert Coetzee, past CEO and Chairman of the Board of Directors has resigned and stepped down from all management and directorships positions.
In a statement, Coetzee reflects on his well-documented controversial past with the company he founded. “Taking on the South African financial and institutional industry was always going to be controversial”, he said
“I believe that our database of over 300,000 members proves that we are doing the right thing,” he stressed. On reflection, Coetzee states that there is “a need for Treoc to change the way it undertakes business.”
“Treoc must adapt to the new corporate governance structures of South Africa,” he stated.
“This is a critical time for Treoc,” says Coetzee, adding: ”To achieve its growth potential, Treoc needs ambitious and highly diligent CEO and CFO, with a strong support of a new Board; one which meets all King III corporate governance criteria.”
“We need this highly energy charged company to be led by a younger CEO to drive delete the Treoc’s strategic reassessment.”
Coetzee drew on an analogy of how eagles fly away once they’ve instinctively determined that their continued presence becomes detrimental. He went on to say that, just as eagles instinctively know when to fly away, it was important that his continued presence not overshadow new directors’ ability to pursue strategic plans.
Coetzee observes that “it is time to leave the management of the group to concentrate on new ventures.”
However, Treoc members, who have rated Coetzee as the foremost Wealth Coach in South Africa, will be pleased to hear that Coetzee will continue to run Treoc’s seminars and conferences, which will be carried out under the auspices of one of Treoc’s divisions.
A principle that Coetzee always teaches members is to be resolute in making tough investments decisions and make them with integrity intact.
New CEO Ryno Venter says: “We know that this was a tough decision for Coert, but he has put us, as close as he can, in the same position he was in when he started Treoc. Flying away and allowing us to pursue this reassessment without concerns that we might not do things exactly the way he would is in the best interest of the Company’s future.”
“Coert really can’t give me and my new Board a greater vote of confidence than by ‘flying away’ and ‘turning us loose’ to complete our strategic reassessment and implement our new plans.”