Old Mutual share price: Group appoints new CEO

Old Mutual (LON:OML) has appointed Bruce Hemphill as Group Chief Executive. Here are the highlights from the company statement with more to follow:

Old Mutual plc (“Old Mutual” or “the Group”) is pleased to announce the appointment of Bruce Hemphill as Group Chief Executive, succeeding Julian Roberts as part of an orderly succession plan. Julian Roberts will remain as Group Chief Executive until Bruce Hemphill’s start date, which is anticipated to be during the fourth quarter of 2015. Bruce will be an Executive Director and based in London.
Bruce Hemphill, aged 51, is currently Chief Executive of Wealth, Insurance and Non-Bank Financial Services at Standard Bank Group, the largest African banking group by assets and earnings. From June 2006 to February 2014, he was Chief Executive of Liberty Group, an African financial services group listed on the JSE. He led Liberty on an extensive transformation and growth path while delivering significant value to shareholders, and growing bancassurance with Standard Bank in South Africa and its sub-Saharan African footprint. Before joining Liberty, he held a number of roles in asset management and banking.
Patrick O’Sullivan, Group Chairman, said: “I am delighted that we are able to appoint such a uniquely qualified individual to succeed Julian and build upon his record of success. Bruce will bring experience as a chief executive of a public company combined with an in-depth knowledge of investments, savings, insurance and banking. He also has a deep understanding of the South African and wider African financial services environment.
“With this appointment, Old Mutual is well placed to continue its growth and further develop its strategy.
As of 07:15 BST, Wednesday, 15 April, Old Mutual plc share price is 235.40p.