Huge Group has appointed Dr Duarte da Silva as the company's new independent non-executive chairperson.
"We are very excited about this appointment, given Dr Da Silva's extensive network in the investment community. We believe his appointment adds enormous value to Huge Group's efforts in marketing its investment case," says Huge Group CEO James Herbst.
Da Silva will take over from current non-executive chairman Vincent Mokholo on 1 March. Da Silva will also serve as a member of Huge Group's audit committee and risk committee, while Mokholo will remain on the board as a non-executive director.
Da Silva has more than 20 years' experience in the investment industry and previously worked as a well-respected IT analyst.
Most recently, he served as CEO of Macquarie First South (MFS), a joint venture established in 2006 between Macquarie Bank of Australia and First South Financial Services - a company that Da Silva founded. He served in a number of high-level roles at the Macquarie group before leaving the company at the end of 2015, after selling the MFS joint venture to Macquarie Bank.
"Dr Da Silva has a wealth of experience, which is all very relevant to Huge Group. He has been involved in private equity, asset-based financing, wealth management and trading," according to Mokholo.
Mokholo says Da Silva's experience includes devising and implementing a regional strategy for an international bank operating in Africa.
"He has implemented and applied group compliance and risk policies while interfacing with various regulators. He has promoted cross-division and regional collaboration within Macquarie, including deal origination and client management," adds Mokholo.
Da Silva is a past director of Merrill Lynch South Africa, and Huge Group says during his tenure there from 1994 to 1998, he "was rated as the number one analyst covering the technology/electronics and industrials/diversified sectors".
He also previously worked as chief investment officer of J&J Group and was deputy chairman of McCarthy Bank. He holds a doctorate of Philosophy in Engineering from the University of the Witwatersrand, which he obtained at the age of 24. In 1988/1989, he lectured on thermodynamics and propulsion systems at Wits University.
Last month, Huge Group announced former MTN South Africa CEO Zunaid Bulbulia would join its board as an independent non-executive director. Yesterday, in a SENS announcement, Huge Group's board of directors said his role "in their view, may impair his independence" and amended Bulbulia's title to non-executive director, effective from 24 February.
Huge Group is an investment holding company for subsidiaries Huge Telecom and Huge Connect. It is listed on the Alternative Exchange of the Johannesburg Stock Exchange but will move to the exchange's main board on 1 March.
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