| Fri 4 Apr 2008, 16:00 | | OML - Old Mutual Plc - US Subsidiary Board Change |
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OML
OLOML
OML - Old Mutual Plc - US Subsidiary Board Change
Old Mutual Plc
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
US Subsidiary Board Change
Old Mutual plc ("Old Mutual") announces that Scott Powers, Chief Executive of
Old Mutual`s US businesses, is leaving to join State Street Global Advisors as
President and Chief Executive Officer.
Thomas M. Turpin, who joined Old Mutual in 2002 as Chief Operating Officer of
Old Mutual`s US businesses, will serve as interim Chief Executive Officer until
a successor for Mr. Powers is appointed. Mr. Turpin will work with Mr. Powers to
ensure a smooth handover.
Mr. Turpin has been a key member of the team since Old Mutual entered the US
market, during which time the Group has grown US funds under management to more
than GBP170 billion.
Old Mutual wishes Mr. Powers well in his new role and appreciates the
contribution he has made to the dramatic growth of the Group`s US businesses.
Enquiries
Investor Relations
Aleida White +44 (0)20 7002 7287
Deward Serfontein +27 (0)82 810 5672
Media
Matthew +44 (0)20 7002 7133
Gregorowski +1 443 253 8896
Siobhan McNulty
College Hill
Tony Friend +44 (0)20 7457 2020
Notes to Editors
Old Mutual
Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the Group has a portfolio of
businesses offering asset management, life assurance, banking and general
insurance services in over 40 countries in Europe, the United States, South
Africa, Latin America, Asia and Australia. Old Mutual is listed on the London
Stock Exchange and the JSE, among others.
In the year ended 31 December 2007, the Group reported adjusted operating profit
of GBP1.62 billion (IFRS basis). Old Mutual had GBP279 billion of funds under
management and 55,000 employees at 31 December 2007.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Tom Turpin
Tom Turpin has served as the Chief Operating Officer of Old Mutual US since
April 2002 and will continue to be a member of the board of directors of several
of the Group`s affiliated asset management firms. He serves on the Old Mutual US
Executive Management Team, is President of the Old Mutual Asset Management Trust
Company and a Trustee of both Old Mutual Funds II and Old Mutual Insurance
Series Fund. Mr. Turpin has been responsible for the Operations and Technology
areas within the company for the asset management and life insurance
organizations. Additionally, he has been responsible for the asset management
affiliate relationship function working directly with member firms. Previously
at Putnam Investments from 1993 to 2001, Mr. Turpin was Managing Director and
Head of Defined Contribution Plans, as well as Chief Administrative Officer for
Institutional Management, Defined Contribution, and Retail Businesses. Prior to
joining Putnam, he held a variety of leadership positions with The Boston
Company, primarily in the Master Trust & Custody Division, from 1982 to 1993.
4 April 2008
Sponsor
Merrill Lynch South Africa
Date: 04/04/2008 16:00:01 Produced by the JSE SENS Department.
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