Toyota Financial Services South Africa’s audit chair Alan Hedding to retire this month

Toyota Financial Services South Africa Limited, the dedicated auto finance and mobility-related services arm of Toyota Financial Services Corporation (TFSC), has announced a change in its board composition following the planned retirement of independent non-executive director Alan Hedding, who will step down at the company’s upcoming annual general meeting on June 18, 2026.

The announcement was made in line with the JSE Limited Debt and Specialist Securities Listings Requirements, notifying noteholders of changes to the issuer’s board and sub-committees, underscoring the governance obligations tied to the issuer’s listed debt instruments.

Board transition at governance committee level

Hedding will also step down as chair of the company’s Audit, Risk and Compliance Committee, effective the same date, marking the end of his tenure in a key oversight role within the board structure.

The board said it had noted his decision to retire and expressed appreciation for his contribution during his period of service.

“The Board wishes to thank Hedding for his invaluable contribution during his tenure and wishes him the best in his future endeavors,” the company said in a statement.

Governance and oversight continuity

The retirement comes at a time when financial-services firms operating in South Africa continue to strengthen governance structures around audit integrity, regulatory compliance, and risk management, particularly within captive automotive finance businesses.

Toyota Financial Services operates as the financing arm supporting Toyota’s vehicle ecosystem, providing vehicle finance, fleet solutions, insurance products, and asset-backed lending services.

Hedding’s financial-services background

Alan Hedding is a veteran South African banking executive best known for his senior leadership roles at the FirstRand group, where he previously served as Chief Financial Officer of FirstRand Bank and Group Head of Finance.

He retired from executive banking duties in 2013 but has since remained active in board-level governance roles within financial services institutions.

His career has largely been associated with finance leadership, capital management, regulatory oversight, and corporate governance within large banking and financial institutions in South Africa.

JSE-linked issuer structure

Toyota Financial Services South Africa Limited operates as a debt-issuing entity under the Johannesburg Stock Exchange framework, with disclosures governed by JSE Listings Requirements applicable to specialist securities issuers.

The company’s governance framework includes board committees responsible for audit oversight, risk monitoring, and compliance assurance, reflecting standard practices in regulated financial institutions.

Succession and board continuity

While no immediate replacement was announced for Hedding’s committee role, the board transition forms part of ongoing governance adjustments typical of regulated financial entities as they rotate independent directors and maintain committee independence. The company said it would continue to ensure stability in its oversight structures following the retirement.