Fulvio Tonelli Elected Chairman of Auditors’ Regulatory Board

Fulvio Tonelli has been elected chairman of South Africa’s Independent Regulatory Board for Auditors, the Ministry of Finance said Sunday in a statement sent via text message.

Tonelli, a chartered accountant and former registered auditor, is a non-executive director of Absa Group Ltd. and previously served as audit partner at listed firms including Standard Bank Group Ltd. and FirstRand Group Ltd., the ministry said.

Naidene Ford-Hoon, an independent consultant and former head of advisory services at Firstrand Ltd. and ex-chief financial officer at the South African Reserve Bank, will serve as deputy.

Under Tonelli, the board’s immediate task is to “initiate a process to elect and appoint the new CEO and to work with management to restore staff morale,” the ministry said.

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