Nictus appoints new managing director …Third generation of family to head group

NICTUS has announced the appointment of Gerard Tromp as its new managing director, with effect from 18 April.He follows in the footsteps of Nico Tromp who stepped down after 37 years of service. Nico Tromp, who succeeded the group’s founder, P J de W Tromp, will continue to serve on the board as a non-executive director.

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 in a statement that 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 value 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.

Citing the Nictus 2015 annual report, he said the group shows strong growth with 2015 assets increasing to N$501 million, up by 15% from N$433,7 million in 2014.

The group stated assets of N$334 million in 2013 subsequent to unbundling from its Namibian operations, with the same name, in 2012.

He went on to say that 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,” he said.

Tromp added that rapid consumer uptake within the group’s footprint confirms the value of reinvestment in growth. Growth, Tromp said, has underpinned the group’s ethos of service, value and consistent application of current best practice and integrity.

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.

Nictus first listed on the JSE in 1969.

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