Audit and advisory firm Deloitte Africa joins the South African business community in mourning the passing of industry stalwart, former Deloitte Southern Africa CEO and financial services firm Nedbank chairperson Vassi Naidoo. 

As a sign of respect to him, flags throughout Deloitte Africa offices will be flown at half-mast from September 28 until his funeral, Deloitte Africa CEO Lwazi Bam has announced.

Business organisation Business Unity South Africa (Busa) CEO Cas Coovadia also paid homage to Naidoo as “a consummate professional, a patriot and a champion of transformation in the auditing profession and in business broadly".

“South Africa has lost a patriot, a professional and a gentleman. We offer our heartfelt condolences to his wife, Sheila, and daughter, Carmeni,” he said.

Naidoo served as Deloitte CEO for Southern Africa between 1999 and 2006 and was the first black CEO of a Big Four auditing firm. He joined Deloitte as an articled clerk in 1977 and was appointed as a partner in the Durban office in 1984, Deloitte said.

Naidoo was chairperson of Nedbank and a nonexecutive director at Old Mutual at the time of his passing.

“Vassi was a true legend and guiding light of Deloitte. He was one of my heroes and no doubt for many other current and former partners of the firm,” Bam said.

He noted that Naidoo was renowned for his work ethic and that, during his tenure with Deloitte, Vassi contributed significantly to the firm.

“He led us through the tumultuous times in the profession in the early 2000s and served the firm with loyalty and dedication throughout his 29 years of service,” said Bam.

Following the end of his term as CEO of Deloitte Southern Africa, Naidoo moved to join Deloitte UK as a member of the executive committee and was also appointed as the Deloitte Global Managing Partner for Talent.

Naidoo was a passionate champion for the transformation of the accounting profession and education of chartered accountants. His efforts were recognised by the University of KwaZulu-Natal, where he was awarded a Certificate of Commendation by the Faculty of Commerce.

In 2005, he was also made a Professor of Accounting and Auditing at the University of Johannesburg. In 2011, The South African Institute of Chartered Accountants recognised him with an honorary lifetime membership for his contribution to the development of the profession in South Africa.

Naidoo served as chairperson of the African Children Feeding Scheme and remained involved following his tenure.

“We are extremely proud to have had a leader such as Vassi, who leaves behind a rich legacy of having truly made an impact that matters. Deloitte Africa conveys its deepest condolences to his wife, Sheila, his daughter and Deloitte partner, Carmeni, and their extended family and friends,” said Bam.