| Tue 27 Jul 2010, 16:57 | | OML - Old Mutual Plc - Mutual & Federal Insurance Company Limited Announcement |
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OML
OLOML
OML - Old Mutual Plc - Mutual & Federal Insurance Company Limited Announcement
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Mutual & Federal Insurance Company Limited (Mutual & Federal)
Mutual & Federal, the wholly-owned subsidiary of Old Mutual plc, today announced
the following:
"Keith Kennedy announces his retirement as CEO of Mutual & Federal
Keith Kennedy, CEO of Mutual & Federal has expressed his intention to
retire in the first quarter of 2011.
"At the time of my appointment as CEO, I had a clear view of what needed to be
done and I believe that I have achieved what I set out to do. My first major
focus was to restructure the company to ensure an improved financial performance
and this was achieved with the support of both staff and brokers. Through the
change process, I have appointed a new executive team and I am confident in
their ability to lead the company through future strategic changes. The issue
of minority shareholding was also resolved and the acquisition of Old Mutual of
100% of Mutual & Federal was successfully implemented. We also took advantage of
leveraging on group synergies by assisting Old Mutual to launch a short term
product into the mass market, through iWyze."
Following the acquisition by Old Mutual of the minority shareholdings in Mutual
& Federal the company has carried out a strategic review and has developed a
three to five year strategic programme which will deliver real step change for
Mutual & Federal. Given that Kennedy will reach mandatory retirement age during
the implementation period, he has decided to take early retirement allowing the
new CEO to take ownership of the step change programme.
Chairman, JB Magwaza believes that Kennedy built a strong foundation and
directly contributed to the short-term insurer`s accomplishments. He says, "I
wish to thank Keith for the role he played during the difficult transitional
phase of the last few years."
To ensure a smooth transition, Kennedy will aid the board in the recruitment of
a suitable replacement.
Kennedy concludes, "I would like to thank all Mutual & Federal staff for their
commitment and dedication over the last few years. I have built strong
relationships in the industry over the last 27 years and have every intention of
continuing to add value to the industry associations in a non-executive capacity
into the future.""
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Enquiries
External Communications
Patrick Bowes UK +44 (0)20 7002 7440
Investor Relations
Deward Serfontein SA +27 (0)82 810 5672
Aleida White UK +44 (0)20 7002 7287
Media
Don Hunter (Finsbury) UK +44 (0)20 7251 3801
Notes to Editors
Old Mutual
Old Mutual plc is an international long-term savings, protection and investment
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 2009, the Group reported adjusted operating profit
before tax of GBP1.2 billion (on an IFRS basis) and had GBP285 billion of funds
under management at the year end. The Group has approximately 54,000 employees.
27 July 2010
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
Date: 27/07/2010 16:57:01 Produced by the JSE SENS Department.
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