Changes to the Old Mutual and Nedbank Boards

RNS Number : 0148C

Old Mutual PLC

13 January 2015

 



Old Mutual plc

Ref 08/15

13 January 2015

FORTHCOMING CHANGES TO THE Old Mutual and nedbank BOARDs

Old Mutual plc ("the Company") is pleased to announce that Mr Vassi Naidoo will join our Board as a non-executive director with effect from 1 May 2015.  This appointment has been made following his selection by our banking subsidiaries, Nedbank Group Limited and Nedbank Limited ("Nedbank"), as their prospective new Chairman.  He will also join Nedbank's Boards from 1 May 2015 and succeed Dr Reuel Khoza, Nedbank's current Chairman, following Nedbank's AGM on 11 May 2015.

Dr Khoza has now served nearly nine years on our Board and, as we reported in our Annual Report for 2013, he will be retiring and not seeking re-election as a non-executive director of the Company at this year's AGM on 14 May 2015.

As well as joining our Board, Mr. Naidoo will also succeed to Dr Khoza's memberships of the Board Risk and Nomination Committees after our AGM.

Mr Naidoo has excellent knowledge of banking and deep experience and skills in relation to financial services.  He has a clear commitment to Africa and extensive experience on the continent which is a critical part of our Group strategy.  Qualified as a South African and UK Chartered Accountant, he retired from Deloitte's London office at the end of November 2014.  Further biographical details of him are set out in the Notes below.

Commenting on these prospective changes to our Board, our Chairman, Patrick O'Sullivan, said:

"We are very grateful for Reuel's service on the Board of the Company and at Nedbank. He has been a constant source of guidance and wisdom to us during his tenure and is living testimony to "attuned leadership".  We wish him well for the future.

"We are delighted to welcome Vassi Naidoo to our Board.  Vassi's extensive experience of banking and financial services and experience in Africa will benefit Nedbank and his position on the Company's own Board will provide us with additional insight into these important areas of the Group's business."

Old Mutual confirms that there are no matters relating to Vassi Naidoo that would require disclosure under Listing Rules 9.6.13 (1) to (6).  He does not currently have any beneficial interest in securities of Old Mutual plc or its listed subsidiaries.

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Sizwe Ndlovu                             SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Biographical details of Mr Naidoo

Vassi Naidoo's past roles include:

·      CEO of Deloitte Southern Africa 1998-2006

·      Member of the Global Management Committee of Deloitte Touche Tohmatsu 2000-2006

·      Deputy Managing Partner of Deloitte Europe Middle East Africa Region 2003-2006

·      Chairman of Deloitte Africa Board 2004-2006

·      Member of the Global Board of Deloitte Touche Tohmatsu 2004-2006

·      Member of the Deloitte UK Executive 2006-2009

·      Member of the Global Executive of Deloitte Touche Tohmatsu 2007-2011

·      Vice Chairman of Deloitte UK 2009-2014

Current memberships include:

·      Member of the South African Institute of Chartered Accountants (SAICA), with honorary life membership granted in 2011 for his contribution to the development of the profession in South Africa.

·      Member of the Institute of Chartered Accountants in England and Wales (ICAEW)

Previous memberships include:

·      Chairman of the African Children's Feeding Scheme

·      Trustee of the SAICA Thuthuka Bursary Fund.

Old Mutual plc

Old Mutual provides investment, savings, insurance and banking services to more than 16 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 2013, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £294 billion of funds under management from core operations.

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

 

END

 

 

MSCGGUACGUPAGUW