South Africa's Imperial Holdings said on Wednesday CEO Mark Lamberti will resign at the end of the month following a court judgement against him involving a remarks he made to an ex-employee at one of Imperial's units.
Osman Arbee, currently CEO of the Imperial division Motus, will replace Lamberti at the start of May, the company said in a statement.
The company's board said in addition to finding that the ex-employee had suffered damages arising from dismissal, Lamberti was found to have hurt the dignity of the ex-employee during a conversation in April 2015. Lamberti apologised over the incident with the employee, the company said.
Imperial shares were down 0.3 percent to 236 rand at 0907 GMT.
Lamberti resigned from the board of power utility Eskom earlier this month.
Lamberti was not available for immediate comment.