Founder and chairman of PSG Group, Jannie Mouton has revealed that he has been diagnosed with early stage dementia.
Mouton, known as the “Boere Buffett” for his successes on the stock market, founded PSG Group in 1995 and has seen it grow into one of the country’s biggest business success stories.
PSG is an investment holding company with investments in a wide variety of sectors, including financial services, banking, private equity, agriculture and education.
The group has a 30.7% stake in the hugely successful Capitec Bank, with a majority shareholding in private education group, Curro (56.4%) – two companies which have recorded outstanding performances over the past few years.
In a voluntary statement issued to PSG shareholders on Wednesday, Mouton said that he has recently been diagnosed with an early form of dementia.
“The implication of this is that my short-term memory does not always function as it should, the result being that I sometimes forget people’s names, repeat myself, or may appear somewhat disorientated. This does not happen every day, but I cannot ignore it,” he said.
Despite these struggles, Mouton said that he will be staying on as non-executive chairman of the group, and had a specialised team of advisors that support him, and communicate directly with the lead independent director on the PSG Group board, “for the right decisions to be made at the right time”.
“I still come into the office every day – I enjoy seeing how the people at PSG endeavour daily to make a difference by working hard and smart. I regularly share the lessons learnt over the years with our team and can see how the PSG DNA of thinking and doing has taken root throughout the group.
“After consultation with my senior colleagues, we feel that I still have a contribution to make as PSG Group’s non-executive chairman, given that PSG Group’s executive management team is very strong with the necessary depth, experience and knowledge,” he said.
You can read the full statement below:
Dear Colleagues, Shareholders and Friends,
I have always believed in honest and transparent communication, hence this letter to all of you.
I have recently been diagnosed with an early form of dementia. The implication of this is that my short-term memory does not always function as it should, the result being that I sometimes forget people’s names, repeat myself, or may appear somewhat disorientated. This does not happen every day, but I cannot ignore it.
I have a good team of physicians and advisors that support me and carefully monitor the situation. I am on medication to help manage and limit the symptoms of my illness. This team also communicates directly with the lead independent director on the PSG Group board, Patrick Burton, in order for the right decisions to be made at the right time. The PSG way has always been to be proactive and to plan ahead as best possible.
PSG is my life and I have dedicated myself to the company for the past 22 years. I am incredibly proud of the businesses we have created over the years, including the likes of Capitec, PSG Konsult, Curro, Zeder and all other investments for the future. There are so many opportunities that the PSG team is currently working on. I am also proud of our ongoing contribution towards the South African economy. I still believe that this is a country filled with opportunity and very talented people.
In 2010, I became the non-executive chairman of PSG Group, and have also over the last couple of years resigned from most of the underlying company boards as most of you are aware. PSG Group has an outstanding team that looks after the investment portfolio and other business matters. In addition, PSG’s underlying businesses/investments, in my opinion, have the best management teams in the country.
I still come into the office every day – I enjoy seeing how the people at PSG endeavour daily to make a difference by working hard and smart. I regularly share the lessons learnt over the years with our team and can see how the PSG DNA of thinking and doing has taken root throughout the group.
After consultation with my senior colleagues, we feel that I still have a contribution to make as PSG Group’s non-executive chairman, given that PSG Group’s executive management team is very strong with the necessary depth, experience and knowledge – Piet, Wynand and Johan have respectively worked by my side for 14, 16 and 20 years, and have built the company with me.
I kindly request the media to forthwith direct questions relating to this matter to either Piet or one of the other members of the PSG Group executive team.
I could not have asked for more in my life. I have incredible children and grandchildren. I am especially grateful to my wife, Deidré, for her incredible support – she is a real pillar of strength. Each family member is special in their own way and all of them are loyal PSG supporters. It means the world to me that they stand together and have both my and PSG’s best interest at heart.
I would like to sincerely thank everyone that has helped build, and will continue to build, PSG – I am proud of each and everyone of you!
