GCR Ratings Africa's largest credit rating agency, has announced a significant leadership change, with Group Chief Executive Officer Marc Joffe set to step down at the end of March 2026 after more than two decades at the helm.
Joffe joined GCR in 2001 and played a pivotal role in transforming the company into the continent's premier credit rating agency. Under his leadership, GCR built deep expertise in African markets and earned recognition for its commitment to enhancing financial stability and transparency across the region. Key milestones during his tenure include the strategic sale of GCR to Moody’s Corporation, which has strengthened the agency's foundation for long-term expansion in Africa.
In a statement reflecting on his career, Joffe expressed gratitude: “Leading GCR Ratings has been a privilege. I am incredibly proud of what we have achieved as a truly pan-African rating agency. I step down with profound gratitude, respect, and lasting appreciation for the trust, support, and collaboration of colleagues and stakeholders throughout this journey, and am confident in GCR’s future.”
Succeeding Joffe on an interim basis is Saul Sassoon, who currently serves as GCR’s Group Chief Financial Officer. Sassoon’s extensive experience in capital markets, his instrumental contributions to the company’s growth, and his strong relationships with clients and investors position him well to lead GCR through this transitional phase while maintaining its status as Africa’s leading rating agency.
The GCR Board of Directors extended its deep appreciation to Joffe for his visionary leadership and for establishing the agency as the undisputed authority in African credit ratings. The Board also welcomed Sassoon’s appointment, expressing full confidence in his ability to guide the organisation effectively during the transition.
The announcement follows Moody’s Corporation’s (NYSE: MCO) full acquisition of GCR in July 2024, after initially acquiring a majority stake in 2022.
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