The shares of JSE-listed health insurer, Discovery, on Tuesday gained 1, 25 percent on news that the firm had appointed Tito Mboweni as non-executive director on its board.

Mboweni is South Africa’s former central bank governor and the market could have liked this appointment because he carries a treasure trove of experience in managerial and strategy advancement.

Mboweni’s appointment is effective from January 1 next year, Discovery said.

South African companies often hire people that have government experience so that they can exploit the range of contacts that these people have.

Discovery said Mboweni, who has a scholarly, governmental and commerce vocation extending over 30 years, has substantial experience in the arenas of financial and political analysis, finance, labour relations, public policy and macro-level economy strategy and design.

Mboweni worked as the Minister of Labour in South Africa’s first post-apartheid government from 1994 to 1998 and was later appointed central bank governor, a position he held for 10 years (1999-2009).

He holds a number of degrees from various South African universities and other overseas educational institutions.

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