The Fulcrum Group has announced the resignation of founding partners, CEO Vaughan Jones and executive chairman Ian Bain.
Jones will step down at the end of January 2018, after which Peter Gordon, head of Fulcrum Capital, will assume the CEO responsibilities. Dean Hyde from Skein Capital will take over from Bain as executive chairman.
“From our beginnings eight years ago, with four employees, to our recognition today as the largest premium financier in Africa.”
“I’ve had a tremendous journey with the Fulcrum Group. From our beginnings eight years ago, with four employees, to our recognition today as the largest premium financier in Africa, and managing over R18 billion of annual premium, I am tremendously proud of what the team has achieved. I am grateful for the support and guidance of my partner Ian Bain as well as for the opportunity and the backing of our shareholders and loyal clients over the years. It’s been a privilege to be a part of such a special team of people,” says Jones.
He will take a short sabbatical to spend time with his family before embarking on his next venture.
Bain says, “It’s been a challenging and exciting time and I am happy that it’s right for the business to move to the next phase of its development. It has been a wonderful experience working with Vaughan and the rest of the Fulcrum team and to have been part of a truly unique and exceptional business.” He will consider retirement and the opportunity to pursue other interests.
Gordon, who worked with Jones more than a decade ago, joined Fulcrum in 2015 to lead Fulcrum Capital. Under his guidance, Fulcrum Capital has expanded into the broker equity partnerships market while continuing its growth in the insurance-related specialist lending market.
With an experienced and well-respected team member such as Gordon taking over the reins, Jones expects a smooth transition. “I wish Pete and the team all the very best as they steer Fulcrum to new heights during the next part of its evolution. I have no doubt that the future is bright.”