Like father like son at Nictus Ltd
Nictus Ltd, the Namibian trader and financial services provider listed on the Johannesburg Securities Exchange, announced last week its board of directors has approved the appointment of a new managing director.
Gerard Tromp, a son of the former managing director, Nico Tromp, took over the reigns from his father in April this year. Tromp senior was the MD for 37 years. He in turn, followed in the footsteps of his father PJ de W Tromp, the founder of the company. Nico Tromp will continue to serve Nictus Ltd as a non-executive director.
Making the official announcement, Nictus said “the Board unconditionally approved Tromp’s succession into his father’s role, based on the balance of evidence of his experience, and his trustworthy managerial track record within the group.”
Tromp said although his appointment may appear counter-intuitive, the benefit of the transfer over successive generations brings a long-term orientation to sustainability of the group. Awareness of the responsibility of stewardship, stretches back to his youth, and looks ahead to generations to come. The long-term approach, he notes, also serves the interests of shareholders.
Speaking about his appointment, he said although three generations of the family have fostered the group’s growth through a transfer of values, the group’s values system is formalised in corporate philosophy and permeates management decisions on a day-to-day basis.
The group, he said, pins itself on King III governance principles, as well as managerial and operational best practices by appointing skilled, professional management.
Talking about the future of the group, Tromp said its primary goal is long-term growth for its shareholders, quoting the 2015 annual report which reflected a 15% growth in assets from R433.7 million in 2014 to R501 million.
The group stated assets of R334 million in 2013 subsequent to unbundling from its Namibian operations, with the same name, in 2012.
Tromp junior said the South African entity is currently reinvesting in the sustainable development of its footprint in the furniture and short-term insurance segments.
“We believe that in spite of current volatility in the region, there is ample room for growth in the South African market, and that our reinvestment is a valid reflection of this operational priority.”
Tromp added that rapid consumer uptake confirms the value of reinvestment in growth which is underpinned by their ethos of service, value and consistent application of current best practice and integrity.
Our consistent growth, since unbundling has given us a clear indication that this is indeed the case, he concluded.
Gerard Tromp holds a B. Com (Marketing) degree and is a Chartered Accountant (South Africa and Namibia). After completing his articles he joined the Nictus Group in 2009 as the Group Company Secretary. In 2012 he was appointed Managing Director of the Nictus Furniture segment. He was appointed Deputy Managing Director in November 2014.