Old Mutual: Resignation of Ralph Mupita, CEO OMEM
Old Mutual plc
Ref 532/16
31 October 2016
Resignation of Ralph Mupita, Chief Executive of Old Mutual Emerging Markets
Old Mutual plc ("Old Mutual") announces that Ralph Mupita, CEO of Old Mutual Emerging Markets ("OMEM"), has tendered his resignation, in order to pursue interests outside of the financial services industry. The search process for his successor will be launched imminently.
Mr Mupita has a notice period of 3 months and will continue in post during that time. OMEM, like the rest of the Old Mutual businesses, is currently going through a business readiness programme as part of Old Mutual's managed separation process. This is not affected by today's announcement and continues as planned.
Bruce Hemphill, Old Mutual plc CEO and Chairman of OMEM, said:
"On behalf of Old Mutual, I would like to thank Ralph for his dedicated leadership of the OMEM business over the last five years. He has been an excellent leader and we wish him well in his future endeavours.
"I will work very closely with OMEM's strong and deep management team to ensure there is no disruption to the business or its customers while we seek Ralph's successor. Meanwhile, the managed separation process is unchanged and we will continue to maintain our engagement with key stakeholders throughout."
Ralph Mupita said:
"I have spent 16 great years at Old Mutual, and believe that I have made a contribution to the growth and development of the business over that time. But I feel the time is right for me to pursue other challenges outside of the industry.
"Old Mutual plays an important role in the socio-economic transformation of South Africa and the other key markets in which it operates, and it has been a privilege to have been part of such an august and iconic institution. I wish the business every success in the future"
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Notes to Editors
Old Mutual provides investment, savings, insurance and banking services to 18.9 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.
Old Mutual has announced a strategy of managed separation, which will entail separating its four businesses into standalone entities. The four businesses are:
Old Mutual Emerging Markets: An African financial services leader, providing long-term savings, protection, investment and lending to retail and corporate customers
Nedbank: Old Mutual owns a 54% stake in Nedbank, one of South Africa's top four banks, providing wholesale and retail banking, insurance and asset management for individuals and businesses
Old Mutual Wealth: a leading wealth management business in the UK and international markets
OM Asset Management: Old Mutual owns 65.8% in the New York Stock Exchange listed OM Asset Management which offers a diverse range of investment strategies and products for institutions, delivered worldwide through seven US-based boutiques.
For the year ended 31 December 2015, Old Mutual reported an adjusted operating profit before tax of £1.7 billion and had £304 billion of funds under management. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutual.com
This information is provided by RNS
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