New chairman

RNS Number : 5628E

Old Mutual PLC

04 January 2010

 



Ref 01/10

4 January 2010

Patrick O'Sullivan succeeds Chris Collins as Chairman 

Old Mutual plc ("Old Mutual") is pleased to confirm the appointment to the Board of Directors of its new Chairman, Patrick O'Sullivan, with effect from 1 January 2010. Chris Collins, the former Chairman, retired from the Board on 31 December 2009.

Julian Roberts, Group Chief Executive of Old Mutual, commented:

"We are delighted that Patrick has joined us as our new Chairman following the retirement of Chris Collins.  We thank Chris for his guidance and management of the Board throughout his tenure and particularly during the extraordinarily tough market conditions of the last 18 months.

"Patrick brings with him considerable experience of international financial services groups and restructuring and I look forward to his counsel and contribution to the future development of the Group in building long-term shareholder value."

In accordance with Listing Rule 9.6.13, the following directorships have been held by Patrick O'Sullivan in other publicly quoted companies during the past five years: 

• Man Group plc (non-executive Director - current)
• Bank Of Ireland (non-executive Director - current)
• Collins Stewart plc (non-executive Director - ceased December 2009)
• Zurich Financial Services Group (executive Director - ceased April 2009)

There are no other matters for disclosure under Listing Rule 9.6.13 relating to Mr O'Sullivan. 

For further information on Old Mutual plc, please visit our corporate website at www.oldmutual.com 

Enquiries

Investor Relations
Patrick Bowes	UK	[phone]
Deward Serfontein	SA	[phone]
Media
Matthew Gregorowski	UK / SA	[phone]
		[phone]
Don Hunter (Finsbury)	UK	[phone]

Notes to Editors

Old Mutual

Old Mutual plc is a leading international long-term savings Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia.  Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.

In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees.

Patrick O'Sullivan - Career history

Patrick retired in April 2009 after eleven years at Zurich Financial Services (Zurich), where he was Vice Chairman from March 2007, with specific responsibility for the Zurich's International businesses, including South Africa.  Since then he has been COO Retail, Asia & Latin America of COFRA Group in Switzerland.

Patrick first joined Zurich as CEO, General Insurance and Banking, of its UKISA Business Division in 1998. In December 2002, he assumed the position of Group Finance Director and became a member of the Group Executive Committee. 

Having qualified as a chartered accountant, Patrick initially worked for Bank of America and then moved to Goldman Sachs as financial controller for Europe. In 1990 he moved to Financial Guaranty Insurance Company (FGIC), a wholly owned subsidiary of GE Capital, where he was appointed to the board in 1993. The following year he joined Barclays/BZW as head of International Banking & Structured Finance, and in September 1996 he became BZW's chief operating officer. In 1997, he joined Eagle Star Insurance Company as Chief Executive.

 

END

 

 

BOABDBDDIXDGGCD