| Fri 13 Jul 2001, 0:00 | | Old Mutual Plc - Mike Levett Splits Role Of Chairm |
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JIM SUTCLIFFE APPOINTED CHIEF EXECUTIVE (DESIGNATE)
Mike Levett Splits Role of Chairman and Chief Executive
Jim Sutcliffe Appointed Chief Executive (Designate)
The Board of Old Mutual plc has agreed that the time is now appropriate for
the roles of Chairman and Chief Executive Officer to be split. The Board is
pleased to confirm that Mr Michael J Levett will continue as Chairman of Old
Mutual plc (and as Director and Chairman of the Boards of the subsidiaries
on which he presently sits), but will step down as Chief Executive with
effect from 1 November 2001.
The Board is pleased to announce the appointment of Mr James Sutcliffe as
Chief Executive of Old Mutual plc from 1 November 2001.
Mike Levett commented:
"The two years since Old Mutual demutualised and listed have seen tremendous
growth and development in the Group. Having overseen the demutualisation,
listing, and the first two years of operation as a listed company the time
is right for me to relinquish the role of Chief Executive. I am very pleased
that the Board has agreed to the appointment of Jim Sutcliffe as Chief
Executive to continue the development of the Group into the future.
"It is a tribute to the strength of management within the Old Mutual Group
that we have been able to make this appointment from within our existing
team. This will clearly facilitate the continuation of our growth strategy
and further the development of our Group. I look forward to working with Jim
in the vigorous pursuit of our goals in South and southern Africa and
internationally."
13 July 2001
ENQUIRIES:
Old Mutual plc Tel: +44 20 7569 0100
James Poole, Director Investor Relations
College Hill Associates
London Tel: +44 20 7457 2020
Tony Friend
College Hill Associates
Johannesburg Tel: +27 11 447 3030
Linda Baker
Notes to Editors
Old Mutual plc is an international financial services company based in
London, with expanding operations in life assurance, asset management,
banking and general insurance. Old Mutual is listed on the London Stock
Exchange with a market capitalisation of approximately 5.4 billion as at 12
July 2001. It is also listed on the Johannesburg, Namibian, Malawi and
Zimbabwe stock exchanges. The company operates the largest life assurance
business in southern Africa. Life assurance operations in India and the US
have been launched this year and will be launched later this year in the UK.
During 2000, Old Mutual acquired Gerrard Group and United Asset Management
Corporation, bringing total group assets under management to over 170
billion at 31.12.00. Old Mutual owns 53.4% of Nedcor, South Africa's highest
rated bank, and 51% of the South African general insurance company, Mutual &
Federal.
BIOGRAPHY - MICHAEL. J. LEVETT
Chairman & Chief Executive
Old Mutual plc
Mike Levett is Chairman and Group Chief Executive of Old Mutual plc. He is
also Chairman of Mutual & Federal Insurance Company, a Director of
Barloworld, Central Africa Building Society (Zimbabwe), South African
Breweries plc, Nedcor and Sasol.
He qualified as a Fellow of the Faculty of Actuaries and as a Fellow of the
Institute of Actuaries in 1964.
During his career he was General Manager (Investments) of Old Mutual and
Managing Director of Mutual & Federal Insurance Company. Other positions
held in the past include: Chairman of the Life Offices Association;
President of the Actuarial Society of South Africa; a member of the Policy
Board for Financial Services and Regulation; and a member of the State
President's Economic Advisory Council.
BIOGRAPHY - JAMES. H. SUTCLIFFE
Chief Executive (designate)
Old Mutual plc
Jim Sutcliffe joined the Board of Old Mutual plc on 24 January 2000 with
responsibility for all of the Group's life businesses, building on the track
record of its primary business in South Africa and developing its interests
around the world.
Before joining Old Mutual, Jim was deputy Chairman of Liberty International
plc. Prior to that he was Chief Executive of Prudential UK where he was
responsible for all of the Group's retail and corporate pensions activities.
He led the creation of Prudential UK's banking arm that was opened in
October 1996 and oversaw the acquisition of Scottish Amicable a year later.
Prior to joining Prudential UK in January 1992 as Deputy Managing Director
of the Prudential Home Service Division, Jim was Chief Operating Officer at
Jackson National Life in Michigan, USA. He was responsible for directing and
managing the operations of the company, including term and whole life
products, and qualified and non-qualified fixed annuity products.
A Fellow of the Institute of Actuaries, Jim enjoys golf, cricket and
travelling. He is married with 22-year-old twin sons.
July 2001
