Directorate Change

RNS Number : 9215W

Old Mutual PLC

06 January 2014

 



Old Mutual plc

Ref 1/14

6 January 2014

CHANGES TO THE BOARD AND to bOARD COMMITTEE MEMBERSHIPS

1.       Appointments to the Board

Old Mutual plc ("Old Mutual" or "the Company") is pleased to announce that Zoe Cruz and Adiba Ighodaro have both agreed to join its Board as independent non-executive directors with effect from today.  Further biographical details of the two new appointees are set out at the end of this announcement.

Commenting on their appointments, Patrick O'Sullivan, Chairman of the Company, said:

"We are very pleased to welcome Zoe and Adiba to our Board.  Zoe's extensive experience of international financial markets and asset management will provide us with additional insight into these important areas of the Group's business, while Adiba's deep knowledge of investing and operating in sub-Saharan Africa will widen the Board's ability to evaluate opportunities as we pursue our strategy of expanding further into this region. 

"With these appointments, we now have a Board which reflects substantial diversity in terms of skills, experience, geography and gender. The composition of the Board has been structured so as to match and support the evolution and focus of the Group's strategy."

Zoe Cruz said:

"I am especially pleased to be working alongside the rest of the talented Board of Old Mutual.  I look forward to contributing to the growth and success of the Group at a very interesting time in its development."

Adiba Ighodaro said:

"No other group of its kind is better positioned to expand its activities across rapidly growing markets in the rest of Africa.  Joining the Board at this juncture and contributing what I can to solidifying this growth will be a privilege."

Old Mutual confirms that there are no matters relating to Zoe Cruz or Adiba Ighodaro that would require disclosure under Listing Rules 9.6.13 (1) to (6).   Neither of them currently has any beneficial interest in securities of Old Mutual plc or its listed subsidiaries.

2.       Resignation from the Board

Bongani Nqwababa, who has been an independent non-executive director of the Company since April 2007, has resigned from the Board today. 

Commenting on his resignation, Mr O'Sullivan said:

"After nearly seven years on our Board, Bongani now wishes to dedicate more of his time to his executive and new non-executive positions.  I would like to thank him for his valuable contribution to the Group and to extend our best wishes to him for the future."

Mr Nqwababa will be paid his Board and Committee membership fees on a pro-rata basis to 6 January 2014.  There will be no payment for loss of office.

3.       Changes to Board Committees

Various changes have been made to Board Committee memberships following the annual review of the composition of the Committees and in light of the changes to the Board described above.  As a consequence, the memberships of the Board's main standing Committees will now be as follows:

Board Risk Committee:              Mike Arnold (Chairman)

                                                Zoe Cruz

                                                Reuel Khoza

                                                Nku Nyembezi-Heita

                                                Roger Marshall

Group Audit Committee:             Roger Marshall (Chairman)

                                                Mike Arnold

                                                Danuta Gray

                                                Adiba Ighodaro

                                                Nkosana Moyo

Nomination Committee:              Patrick O'Sullivan (Chairman)

                                                Alan Gillespie

                                                Danuta Gray

                                                Reuel Khoza

                                                Nku Nyembezi-Heita

                                                Julian Roberts

Remuneration Committee:          Alan Gillespie (Chairman)

                                    Zoe Cruz

                                    Danuta Gray

                                    Roger Marshall

                                    Nkosana Moyo

It has also been agreed that, after the 2014 Annual General Meeting, Danuta Gray will step down from the Group Audit Committee and will succeed Alan Gillespie as Chairman of the Remuneration Committee. Mr Gillespie will still remain a member of that Committee after ceasing to be its Chairman.

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Kelly de Kock                            SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Photographs of Zoe Cruz and Adiba Ighodaro are available on the Company's website at the following address: http://www.oldmutual.com/about/boardOfDirectors.jsp.

Biographical details

Zoe Cruz

Zoe was Co-President for Institutional Securities and Wealth Management at Morgan Stanley from 2005 to 2007. She was responsible for running major revenue-generating businesses there, including overseeing their securities risk management and information technology.  From 2009 to 2012, she was involved in founding and running her own investment management firm, Voras Capital Management.

Prior to becoming Co-President of Morgan Stanley, she had been its Global Head of Fixed Income, Commodities and Foreign Exchange from 2001 until 2005.  She joined the company in 1982 and was the third founding member of the foreign exchange group. She became a Vice President in 1986, Principal in 1988, Managing Director in 1990 and was Co-Head of the Foreign Exchange Group from 1993 until 2001.

Her early career was spent as a Foreign Exchange Trader with New England Merchants National Bank.

She has a BA and an MBA from Harvard University.

Adiba Ighodaro

Adiba obtained a law degree in London, before moving to Nigeria, where she qualified at the Nigerian Bar and worked initially in private practice. She then joined the Commonwealth Development Corporation (CDC) in 1991, first in London, and later in Lagos, with a remit to establish CDC's Nigerian business. She moved to the Caribbean a year later as a Senior Investment Executive and Investment Manager of CDC, helping to obtain investment for and dispose of some of the company's interests in Africa and the Caribbean. Later she became CDC's Country Manager for Nigeria. She also became Head of West Africa, with responsibility for building the investment business of its Actis unit across the region.

Actis was spun out of CDC in 2004, resulting in Adiba's role changing primarily to raising investment funding including for Actis's $3 billion Global Emerging Markets Fund and $1.2 billion Infrastructure Fund.

Adiba was a founding Board Director and Investment Committee member of Capital Alliance Private Equity Limited, Nigeria. She has also contributed extensively to various think tanks, including the Nigerian Economic Summit Group, the Privatisation Committee and the Nigerian-South African Business Council.

She has an LLB from Kings College University of London and a Certified Diploma in Accounting & Finance (ACCA).

Old Mutual

Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 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 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 billion of funds under management from core operations.

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

 

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