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OML
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Old Mutual appoints first Chief Executive Officer of Old Mutual (USA)
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Old Mutual appoints first Chief Executive Officer of Old Mutual (USA)
The Board of Old Mutual plc ("Old Mutual" or "the Group") is pleased to announce
the appointment of Scott Powers, currently Chief Executive Officer of Old Mutual
Asset Management (US), as Chief Executive Officer of Old Mutual (USA).
This appointment, effective from 1 July, will extend Mr Powers" responsibilities
to overseeing both the Group"s US asset management and its US Life business.
Guy Barker, currently head of Old Mutual"s US Life business, will be Deputy CEO
of Old Mutual (USA), and will remain Chief Executive of the US Life business
until he reaches his planned retirement date at the end of 2007.
Jim Sutcliffe, Old Mutual Chief Executive, comments:
"I am delighted that Scott has accepted this appointment as the first CEO of Old
Mutual (USA). He has successfully managed the development of our US asset
management business for the past four and a half years, with its multi-boutique
model delivering superior investment returns to clients and growing funds under
management from $160 billion to $249 billion. I am sure he will continue this
track record of achievement in his new role."
Scott Powers adds:
"I am very pleased to be appointed CEO of Old Mutual (USA). It is an exciting
time in the history of the Group. Since Old Mutual"s acquisition of the US
businesses in 2000 and 2001, we"ve gone from strength to strength, and we will
continue to seek and develop the best ways to respond to the ever-evolving needs
of investors and to creating value for our shareholders.
"From an organizational perspective, we recognise and are determined to protect
the unique competitive advantages of our two businesses, while reflecting on the
demographics of an ageing Baby Boomer generation that will increasingly look to
financial advisers for strategies that provide them with asset protection,
wealth accumulation and preservation, and, ultimately, income to support them in
their retirement years.
"With the alliance of our two businesses, we are strongly positioned to offer a
wide array of attractive strategies to satisfy investors" needs."
16 May 2006
ENQUIRIES:
Old Mutual plc
Media:
Miranda Bellord (UK) Tel: +44 (0) 20 7002 7133
Nad Pillay (SA) Tel: +27 (0) 82 553 7980
Investors:
Malcolm Bell (UK) Tel: +44 (0) 20 7002 7166
Deward Serfontein (SA) Tel: +27 (0) 21 509 8709
College Hill (UK) Tel: +44 (0) 20 7457 2020
Tony Friend
Gareth David
For further information about Old Mutual plc visit www.oldmutual.com
Date: 16/05/2006 12:30:04 PM Produced by the JSE SENS Department
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