Group Finance Director will leave during 2014

RNS Number : 4482V

Old Mutual PLC

13 December 2013

 



Old Mutual plc

Ref 98/13

13 December 2013

Old Mutual plc announces that the Group Finance Director will leave during 2014.

The Board of Old Mutual plc ("Old Mutual") announces that Philip Broadley, Group Finance Director has notified it of his intention to leave the Group during 2014.  It has been agreed that Philip will continue as Group Finance Director, with all his current responsibilities, until a successor has been appointed and there has been an appropriate transition of responsibilities.  It is anticipated that this will be after the Company's Annual General Meeting in May 2014.

The Board has put in place a process to identify Philip's successor and will consider both internal and external candidates.   Given the importance of making the right appointment it is expected that the process could take several months to complete.

Commenting, Philip Broadley said:

"I joined the Group just over five years ago to work with Julian Roberts and my colleagues with a clear task to transform both the structure of the Group and the way it did business. I am very proud of what we have all achieved over this period. The Group today is a much simpler and more resilient business, focused on meeting our customers' financial goals, and with a clear strategy for growth. I judge the time is right for me to move on to the next stage of my career and I wish my colleagues every success as they continue to grow Old Mutual."

Commenting, Julian Roberts, Group Chief Executive, said:

"When Philip joined the Group in 2008, our financial position was seriously challenged.  The Group is in a very different position today with improved levels of cashflow, reduced gearing, strong capital and a reduction in overall Group risks which is testament to the significant contribution Philip has made. 

"His desire to continue until a successor is appointed will enable a smooth transition as we continue to prudently manage our growth strategy."

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

A statutory disclosure in respect of Mr Broadley's remuneration has been published on the Old Mutual website at www.oldmutual.com/redirector/2023/22896

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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