Old Mutual share price: CFO to step down next year

on Dec 16, 2013
Updated: Oct 21, 2019

iNVEZZ.com, Monday, December 16: Financial services and insurance group Old Mutual (LON:OML) said on Friday that Philip Broadley, group finance director since 2008, will leave the company next year. An exact date for the CFO’s departure was not announced, as he has agreed to stay in the post until a successor has been appointed to guarantee a smooth transition. The board will consider both internal and external candidates to replace him and expect the process of finding a successor to take several months and be completed after the company’s annual general meeting in May.

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“I joined the Group just over five years ago to work with Julian Roberts and my colleagues with a clear task to transform both the structure of the Group and the way it did business,” Broadley said in a statement. “The Group today is a much simpler and more resilient business, focused on meeting our customers’ financial goals, and with a clear strategy for growth. I judge the time is right for me to move on to the next stage of my career,” he added.

CEO Julian Roberts, who took the helm in 2008 as well, confirmed that the group’s financial position was seriously challenged in 2008, but the situation has improved significantly with “improved levels of cashflow, reduced gearing, strong capital and a reduction in overall Group risks” thanks to Broadley’s contribution.
Established in South Africa in 1845, Old Mutual has grown to be a global player that provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. The FTSE 100 company currently has a market capitalisation of £8.9 billion. Its success in the last five years is based on its strategy to go back to its roots and expand aggressively in underserved African markets with buoyant economies that offer attractive growth opportunities. At the end of last year, the company had £262 billion of funds under management from core operations. Its adjusted operating profit stood at £1.6 billion for 2012.

In the UK, Old Mutual generated a lot of interest this year by hiring Richard Buxton, former head of UK equities at Schroders (LON:SDR), who is widely regarded as one of the world’s best money managers. Buxton was appointed to manage Old Mutual’s UK Alpha equity fund, whose assets under management have soared from around £160 million when the news was announced in March to some £1.0 billion today.

**Old Mutual share price**
Old Mutual’s share price closed 0.2 percent lower on Friday, worse than the 0.08 percent decline in the FTSE 100 blue chip index. In today’s trading, Old Mutual’s shares rose 0.5 percent to 183.11p at 11:56 UTC, matching a 0.5 percent gain in the Footsie.
According to a survey of 13 analysts published by Analyst Ratings Network, Old Mutual has a consensus rating of ‘buy’ and an average target price of 215.86p. Nine research analysts have a ‘buy’ rating on the stock, three have it as a ‘hold’, and calls it a ‘sell’.
**As of 11:36 UTC buy Old Mutual shares at 183.10p.**
**As of 11:36 UTC sell Old Mutual shares at 182.90p.**
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