| Wed 5 Aug 2009, 8:02 | | OML - Old Mutual Plc - Patrick O`Sullivan To Succeed Chris Collins As Chairman |
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OML
OLOML
OML - Old Mutual Plc - Patrick O`Sullivan To Succeed Chris Collins As Chairman
Of Old Mutual
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
PATRICK O`SULLIVAN TO SUCCEED CHRIS COLLINS AS CHAIRMAN OF OLD MUTUAL
Old Mutual plc ("Old Mutual") is pleased to announce today that Patrick
O`Sullivan will succeed Chris Collins as Chairman of the board of Old Mutual
when he retires at the end of 2009. Mr O`Sullivan will join the board and take
up the Chairmanship on 1 January 2010.
Mr O`Sullivan, 60, has a strong track record in international financial
services, including in South Africa. He recently retired as Vice Chairman of
Zurich Financial Services ("Zurich"), with specific responsibility for Zurich`s
international businesses including South Africa. From 2002 to 2007 he was Group
Finance Director of Zurich, helping to lead the business through a major
restructuring and refinancing, and he was Chief Executive of Eagle Star
Insurance Company from 1998 to 2002.
Prior to joining Zurich, Mr O`Sullivan worked in a number of leading investment
banks and insurance groups in the UK and Europe. He is a Chartered Accountant.
He is currently a non-executive director of Bank of Ireland Group, Man Group
plc, Collins Stewart plc and COFRA Holding AG.
It is the intention to appoint a further South African non-executive director to
Old Mutual`s board in the near future, in recognition of the importance of the
Group`s South African businesses.
Rudi Bogni, Senior Independent Director, who led the selection process for the
new Chairman, commented:
"Following a full international search process, we have appointed Patrick
O`Sullivan. We believe he is the right Chairman to lead the Group through its
next phase of development. His industry expertise will complement that of Mike
Arnold, a qualified actuary, who is joining the board from 1 September 2009."
Julian Roberts, Group Chief Executive, commented:
"I welcome the appointment of Patrick, with his experience of leading
international financial services companies through periods of change. His range
of experience, which encompasses banking, the US insurance market and South
Africa gives him an excellent perspective over the Old Mutual Group`s activities
and will add significantly to the board`s capabilities."
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Enquiries
Investor Relations
Patrick Bowes UK +44 (0)20 7002 7440
Deward Serfontein SA +27 (0)82 810 5672
Media
Matthew Gregorowski UK / SA +44 (0)20 7002 7133
+44 (0)7748 183 834
Don Hunter (Finsbury) UK +44 (0)20 7251 3801
Notes to Editors
Old Mutual
Old Mutual plc is a leading international long-term savings Group. Originating
in South Africa in 1845, the Group provides life assurance, asset management,
banking and general insurance in Europe, the Americas, Africa and Asia. Old
Mutual plc is listed on the London Stock Exchange and the JSE, among others.
In the year ended 31 December 2008, the Group reported adjusted operating profit
of GBP1.0 billion (on an IFRS basis) and had GBP265 billion of funds under
management at the year end. The Group has approximately 57,000 employees.
Patrick O`Sullivan - Background
Patrick retired in April this year after eleven years at Zurich Financial
Services (Zurich), where he was Vice Chairman from March 2007, with specific
responsibility for the Group`s International businesses, including South Africa.
Patrick first joined Zurich as CEO, General Insurance and Banking, of its UKISA
Business Division in 1998. In December 2002, he assumed the position of Group
Finance Director and became a member of the Group Executive Committee.
Having qualified as a chartered accountant, Patrick initially worked for Bank of
America and then moved to Goldman Sachs as financial controller for Europe. In
1990 he moved to Financial Guaranty Insurance Company (FGIC), a wholly owned
subsidiary of GE Capital, where he was appointed to the board in 1993. The
following year he joined Barclays/BZW as head of International Banking &
Structured Finance, and in September 1996 he became BZW`s chief operating
officer. In 1997, he joined Eagle Star Insurance Company as Chief Executive.
5 August 2009
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 05/08/2009 08:02:28 Produced by the JSE SENS Department.
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