Chief Operating Officer to leave the Group
Old Mutual plc
Ref 635/15
15 September 2015
CHIEF OPERATING OFFICER TO LEAVE THE GROUP
The Board of Old Mutual plc announces that Paul Hanratty, Chief Operating Officer, will be leaving the Group. The Board wishes to thank Paul for his exceptional contribution to the Group both in South Africa and in the UK over many years.
It is envisaged that Mr Hanratty will work and remain on the Board until the announcement in March 2016 of the Company's preliminary results for the financial year ending 31 December 2015. He will then step down from the Board, but will remain available to the Group until the end of his 12-month notice period which will expire on 14 September 2016.
Commenting, Paul Hanratty, said:
"I have been privileged to work at Old Mutual over a period when the company has developed exceptional businesses in both Africa and the UK.
"I would like to wish everyone at Old Mutual the best for the next chapter in its ongoing development."
Julian Roberts, Group Chief Executive, said:
"Paul has dedicated over 30 years to Old Mutual both in South Africa and more recently at Group level. We are very grateful for his outstanding contribution to the success of the Company over his long career with us and wish him every success for the future."
Enquiries
External communications
Patrick Bowes UK +44 20 7002 7440
Investor relations
Dominic Lagan UK +44 20 7002 7190
Sizwe Ndlovu SA +27 11 217 1163
Media
William Baldwin-Charles +44 20 7002 7133
+44 7834 524833
Notes to Editors
Old Mutual provides investment, savings, insurance and banking services to more than 17 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.
In the year ended 31 December 2014, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £319 billion of funds under management from core operations.
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
Remuneration disclosure
Mr Hanratty's 12 month notice period commences on 15 September 2015. Mr Hanratty will remain in post until the Company's preliminary results in March 2016. He will remain available to the Group until the end of his contractual notice period, at which point his employment terminates.
The Company's Remuneration Committee ("the Committee") has determined that the following arrangements are fair, reasonable and consistent with his Service Agreement and the terms of the Company's Directors' Remuneration Policy.
In accordance with the terms of Mr. Hanratty's service agreement, he will continue to receive his contractual salary and benefits for so long as he remains an employee. In recognition of his performance over more than thirty years of service with the Group, the Committee has applied its discretion to grant him good leaver status in relation to:
· his unvested share awards. Awards that are unvested at the end of the notice period will continue to vest over the outstanding vesting periods, subject to time pro-rating and performance conditions being met, where applicable; and
· his 2015 and 2016 short-term incentive arrangements. In respect of the 2015 performance period, his award will be calculated and delivered in 2016 in accordance with the Directors' Remuneration Policy and, in respect of the 2016 performance period, he will be eligible for a pro-rata award to the date that he ceases to be in post, calculated in accordance with the Directors' Remuneration Policy and delivered in cash in 2017.
Details of the bonus awards will be disclosed in the Directors' Remuneration Report in the Company's Annual Report and Accounts for the year concerned.
This information is provided by RNS
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