PSG Financial Services today announced that founder and current non-executive Chairperson, Willem Theron, will retire at the Annual General Meeting (AGM) to be held in July of this year. Having founded the company in 1998, he was instrumental in establishing and growing the business.

PSG Financial Services was established as part of the broader PSG Group, which was built around an advice-led model focused on long-term client relationships, governance and independent financial advice. The group was incorporated in 1998 and was originally known as PSG Konsult. It rebranded to PSG Financial Services in August 2023 to more clearly reflect the breadth of its financial services offering, which spans its wealth, asset management and insurance businesses.

Today, the group operates through a national footprint of advisory offices across South Africa, supported by a presence in Namibia. In their latest interim results announced in October last year, the group reported total assets under management that increased by 19% to R518 billion, reflecting decades of consistent growth and strategic focus.

CEO Francois Gouws says Theron’s contribution to the industry over the last three decades lies in the advice-led financial services platform as we know and see it today. “The PSG model ensures advisers are supported with technology, governance and the capability to focus on delivering a sustainable client-centric approach. Willem’s contribution leaves a lasting impact on how advice businesses are structured across the industry.”

Theron stepped down as CEO in 2013 and continued to serve as non-executive Chairperson thereafter. “His unwavering commitment to the group’s values will leave a lasting legacy,” says Gouws.

Subject to regulatory approval, industry veteran Lizé Lambrechts, who is currently serving as an independent non-executive director, will step into the role of independent non-executive Chairperson of the Board.

“I’m honoured to be nominated to assume the role, and I look forward to working closely with my fellow directors and the executive team to continue to support governance, strategic focus and long-term value creation.

“Having served on the board for the last two years, I have a deep appreciation for the values of PSG and will strive to ensure continuity as the business navigates its next phase,” says Lambrechts.

Lambrechts, who was appointed to the board in July 2023, qualified as an actuary and holds a BSc Hons (cum laude) degree in applied mathematics from the University of Stellenbosch. She has extensive experience in the financial services industry and has fulfilled various senior executive roles within the Sanlam Group. She served for 12 years as the Chief Executive of Sanlam Personal Finance, and after that assumed the role of Santam’s Chief Executive Officer for seven years. Lambrechts also served as chairperson of the South African Insurance Association and Life Offices Association.

Gouws concludes, “As we look ahead, we are pleased to have Lizé step into the role. Her depth of experience and strategic insight will be invaluable as we enter our next phase of growth and continue to deliver value to our clients, shareholders and the broader South African economy.”