Nick Beyers, the CEO of Zurich Southern Africa - a financial services company that among other things offers personal car, home and accident insurances to the public - has revealed that he will step down after eleven years of service.

Beyers, who was appointed as the company's CEO o 1998, said he he decided to retire from his position because he believes it is not in the best interests of a company for a CEO to occupy the top position for too long.

“This is one of the reasons I decided to retire," he said in an interview with Business Day. "Between seven and 10 years is probably a good time for a CEO. Longer than that and you have to start asking yourself the question: how much value am I adding to the company?”

Since the company was listed in 1967 - a time when it was known as SA Eagle - there have been only three CEOs. The two former CEOs are Fred Haslett and Peter Martin .

Beyers became CEO of Zurich Southern Africa after progressing through senior roles in claims, business development and business management. He had joined SA Eagle as a claims superintendent in 1971. Before joining Zurich, he gained extensive experience in roles at Mutual & Federal and Standard Bank .

The person who will replace Beyers is Guy Munnoch, as from October 5. Munnoch joined Zurich Group in 1997 and in 2001 became MD of Zurich Municipal, a leading provider of risk and insurance solutions to Britain’s public services.

Source: Business Day