Appoints New MD of OM(SA)
Old Mutual PLC
23 March 2006
Old Mutual plc
Paul Hanratty to replace Roddy Sparks as MD of Old Mutual South Africa
Old Mutual plc is pleased to announce that Paul Hanratty has been appointed as
Managing Director of Old Mutual South Africa, replacing current MD, Roddy
Sparks. His appointment will be effective from 1 April 2006.
Mr Hanratty (aged 45) is currently Deputy Managing Director, South Africa with
responsibility for Retail Product, Marketing and Distribution, and has been with
Old Mutual since 1984.
Mr Sparks, who will help with the transition by remaining with Old Mutual South
Africa until early July, says he is satisfied that the foundations have been
laid for the next growth phase of the local business, and that the time is right
for him to pursue other interests.
Commenting, Jim Sutcliffe, Chief Executive of Old Mutual plc, commended Sparks
for his efforts in stabilising and growing the Company's South African business:
'Roddy has helped build Old Mutual South Africa into a profitable business with
a solid foundation. He has played a big part in helping to find solutions to
questions around customer value in the industry and has grown the sales force
considerably. The company has also delivered excellent investment performance
for its customers during his tenure.'
Outlining his vision for the next three years, Mr Hanratty says Old Mutual will
accelerate its transition into a customer-facing business, organised around
customer segments. 'We're going to work very closely with Nedbank and Mutual &
Federal to offer greater customer value and to explore growth opportunities in
South Africa and other parts of Africa.
'I want a bold, entrepreneurial business that can capitalise on new
opportunities. This means a culture with less bureaucracy, where our people are
driven by results and motivated by success.
'I am also determined to accelerate real transformation - firstly by ensuring
that Old Mutual's internal culture continues to transform and secondly that we
really support the broader economic, social development and transformation of
South Africa.'
Mr Hanratty says a new management structure and team have been put in place to
achieve these goals. 'The focus will be on customer-facing units driving the
business and being supported by excellent product and service suppliers.'
The key customer facing units will be headed by:
Thabo Dloti - MD, Old Mutual Corporate,
Marshall Rapiya - MD, Old Mutual Retail (focus on Mass Market),
Mike Harper - MD, Old Mutual Retail (focus on Affluent Market) and
Johannes !Gawaxab - MD, African Operations.
In support of these customer-facing units the existing technology,
administration and service areas will continue to be headed by Peter de Beyer,
who will also now assume responsibility for the product and marketing functions.
Peter Golesworthy continues as the Finance Director and Ralph Mupita has been
appointed as Strategy Director.
Mr Hanratty says: 'I believe this team has the skill, experience and energy to
take Old Mutual into a new era. With three of the four newly-created
customer-facing segments now being led by black executives, we are also better
positioned to serve our fast-growing client base more effectively.'
23 March 2006
ENQUIRIES:
Old Mutual plc
Katie Bell - Director Corporate Affairs (UK) + 44 (0) 20 7002 7163
Malcolm Bell - Investor Relations (UK) + 44 (0) 20 7002 7166
Deward Serfontein - Investor Relations (SA) + 27 21 509 8709
For further information about Old Mutual plc visit www.oldmutual.com
This information is provided by RNS
The company news service from the London Stock Exchange
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