Retirement of M&F CEO
Ref 121/10
27 July 2010
Old Mutual plc
Mutual & Federal Insurance Company Limited (Mutual & Federal)
Mutual & Federal, the wholly-owned subsidiary of Old Mutual plc, today announced the following:
"Keith Kennedy announces his retirement as CEO of Mutual & Federal
Keith Kennedy, CEO of Mutual & Federal has expressed his intention to retire in the first quarter of 2011.
"At the time of my appointment as CEO, I had a clear view of what needed to be done and I believe that I have achieved what I set out to do. My first major focus was to restructure the company to ensure an improved financial performance and this was achieved with the support of both staff and brokers. Through the change process, I have appointed a new executive team and I am confident in their ability to lead the company through future strategic changes. The issue of minority shareholding was also resolved and the acquisition of Old Mutual of 100% of Mutual & Federal was successfully implemented. We also took advantage of leveraging on group synergies by assisting Old Mutual to launch a short term product into the mass market, through iWyze."
Following the acquisition by Old Mutual of the minority shareholdings in Mutual & Federal the company has carried out a strategic review and has developed a three to five year strategic programme which will deliver real step change for Mutual & Federal. Given that Kennedy will reach mandatory retirement age during the implementation period, he has decided to take early retirement allowing the new CEO to take ownership of the step change programme.
Chairman, JB Magwaza believes that Kennedy built a strong foundation and directly contributed to the short-term insurer's accomplishments. He says, "I wish to thank Keith for the role he played during the difficult transitional phase of the last few years."
To ensure a smooth transition, Kennedy will aid the board in the recruitment of a suitable replacement.
Kennedy concludes, "I would like to thank all Mutual & Federal staff for their commitment and dedication over the last few years. I have built strong relationships in the industry over the last 27 years and have every intention of continuing to add value to the industry associations in a non-executive capacity into the future.""
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
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Notes to Editors
Old Mutual
Old Mutual plc is an international long-term savings, protection and investment 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 2009, the Group reported adjusted operating profit before tax of £1.2 billion (on an IFRS basis) and had £285 billion of funds under management at the year end. The Group has approximately 54,000 employees.
This information is provided by RNS
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