Old Mutual Limited Welcomes New Ghana CEO Tavona Biza has been appointed as the new CEO of Old Mutual Ghana. Williamson is leading the company at a critical time. And he worked in both the corporate and individual life businesses. Moyo was appointed three years earlier to help save the company. Ready to … He says it is moving from a stabilisation phase into a transition phase, but it is still some way off the "reimagine" phase when crisis management makes way for real strategic change. About us. Tavona, who will be based in Accra, has worked for Old Mutual for 10 years, during which time he held various roles in the Group’s Zimbabwean, South African and Malawian businesses. Curiously, earlier this week, Old Mutual released “additional information” about how the reward for the successful unbundling was calculated. Use of this site constitutes acceptance of our Terms & Conditions and Privacy Policy. IOD, Institute of Directors. His biggest worry in the short term is that retail customers who can’t afford to keep up their premiums will allow policies to lapse. The board and Moyo clashed over his interest in an investment holding company. Old Mutual holds a 20% stake in NMT. Always drink upstream from the herd, say the cowboys, and perhaps it’s time for Spur to pre-empt the inevitable, Queen Elizabeth’s wealth makes Harry’s stash seem like a couple of bond notes in a Zimbabwean wallet, Can South Africa’s cricket team, just ten years ago number one in the world, come back from what is clearly a major slump? Denker Capital portfolio manager Jan Meintjes says the appointment removes some uncertainty, and Williamson’s operational strengths would have counted in his favour in the Covid-19 environment. At the height of the lockdown, it fell to 200 and even now it is only about 1,000.". The company separately listed its stake in Nedbank, and sold off other interests. Old Mutual Ltd’s dispute with … Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January. When he went back to Cape Town he became finance actuary for the retail affluent division (as individual life was renamed) and was later appointed its CFO. CRICKET: Will the turkeys vote for Christmas? Ntsaluba co-founded the auditing firm SizweNtsalubaGobodo in 1992, and Tlelai is the founder of the Don Suite Hotels Group. It has been a long process, but the appointment was held up by Moyo’s legal campaign to be reinstated, and technically Moyo might still have more options. Old Mutual’s shares climbed as much as 5% and were trading up 4.2% as of 10:42 a.m. in Johannesburg, leading gains on the five-member South African life insurance index. "My oldest daughter is going into matric next year so we won’t be moving up to Gauteng permanently just yet." On Friday, the company posted a subdued trading update for the three months to end-March, which showed that investment inflows are falling. This after Old Mutual had already gained notoriety as the South African company that embarked on a global expansion by moving its headquarters to London in 1999, only to unwind it all and retreat home in 2018. At the time, Fin24 reported that Moyo was unhappy because his executive powers were being undermined. Bloomberg 23 September 2019. "We still have a life insurance joint venture in China and its experience is that while manufacturing is at full throttle, consumer spending is still at 70% of pre-virus levels.". "We normally have 10,000 people coming to work in our Pinelands [Cape Town] and Sandton campuses. Moyo’s previous stint as a CEO also ended with a fight. Old Mutual’s shares climbed as much as 5 percent and were trading up 4.2 percent as of 10:42 a.m. in Johannesburg, leading gains on the five-member South African life insurance index. Read more at the SA government's online coronavirus portal or use the 24-hour public hotline: 0800 029 999. His total remuneration for the past year was R50.57 million – which included R15.4 million for helping to unbundle Old Mutual. Old Mutual was established in Cape Town in 1845 as South Africa's first mutual life insurance company, offering financial security in uncertain times. While Old Mutual said that Moyo didn’t receive any pay for his work as director at NMT, it’s clear from Friday’s statement that he remained more involved in the business than they may have liked. Now, the 50-year-old is adding flesh to a strategy refresh started with the board last year -- even amid the tussle with ex-CEO Peter Moyo. In 2005, Moyo resigned as CEO of  Alexander Forbes following a "difference of opinion" between him and the board. Back About us. and . "It has become clear over the past few months that we need to be much more digitally enabled and connect with customers on their terms.". Other executives include Iain Williamson, Chief Executive Officer; Paul Baloyi, Independent Non-Executive Director and 21 others. Eight2Five Innovation Hub powered by Old Mutual invites youth around Zimbabwe to join a virtual webinar with Honourable Kirsty Coventry, Minister of Youth, Sports, Arts and Recreation (MoYSAR) and the Old Mutual Zimbabwe Group CEO Sam Matsekete on Wednesday 10th March 2021. Peter Moyo vs Old Mutual: Former CEO tries to block his replacement It appears the battle between Old Mutual and its former CEO Peter Moyo is far from over. Williamson, who turned 50 in May, has been part of the Mutual family since he was 18, when he was awarded an actuarial bursary. Old Mutual dispute with fired CEO drags on as Moyo adds evidence. Please read our Comment Policy before commenting. Moyo rejoined Old Mutual in June 2017 as CEO of Old Mutual Emerging Markets, and later of Old Mutual, having left in 2005 to take over at Alexander Forbes. He worked for the fledgling mass market group scheme business (now the largest and most profitable part of the company) during his university vacations. Old Mutual’s Fired CEO Peter Moyo Seeking $16 Million in Damages By . The event, aims to capacitate the Zimbabwean youth with information and knowledge that… Since 2004, Old Mutual invested almost R300 million in various NMT companies, and also provided "preference share funding" to Moyo’s family trust. Their aim is to do great things every day for our customers. Leadership Change at UAP Old Mutual Group. Would you like to comment on this article or view other readers' comments? 17-02-2020 13:33. Old Mutual plc’s Julian Roberts is stepping down as chief executive officer of Africa’s biggest insurer and will be replaced by Standard Bank Group Ltd.’s Bruce Hemphill. Subscribe. The company was founded in 1845 as a mutual insurance company by John Fairbairn, together with several other prominent Cape Town figures, such as the liberal politician Saul Solomon. Old Mutual Limited (OML) is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets in … He was part of the team that prepared Old Mutual for demutualisation in 1999, and then spent four years in the new Old Mutual global headquarters in Mayfair, London. This was probably because shareholders were asking for more details, says shareholder activist Theo Botha of Proxy View. Investors were spooked by a cryptic announcement that CEO Peter Moyo had been suspended due to a “material breakdown in trust and confidence between him and the Board”, with one professional investor telling Business Insider that it evoked "fears of a Steinhoff reprisal". 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He negotiated with Old Mutual to buy a part of their shares,  but the deal was unsuccessful. "I hated the Underground so I arranged with the group treasurer, Don Hope, to cycle to work together." He then followed his boss Ralph Mupita to take the CFO post at Old Mutual Emerging Markets, which later became the separately listed Old Mutual Ltd. Williamson moved to Joburg for seven years when the Old Mutual executive relocated to Sandton but moved back in 2018 when he was appointed COO. “Unfortunately the Board and Mr Moyo have disagreed materially on how the conflict of interest has been managed, resulting in a breakdown in the required mutual trust and confidence.”. His permanent appointment ends more than a year of leadership uncertainty after a messy dispute with Peter Moyo, PROFILE: Iain Williamson, CEO of Old Mutual, After more than a year of uncertainty, Old Mutual has appointed a permanent CEO – an insider who has spent his entire career within the group – to replace Peter Moyo, Iain Williamson. Skip to main content. Old Mutual Ltd. suspended Chief Executive Officer Peter Moyo over a conflict of interest involving his investment firm NMT Capital. After almost 14 months in limbo, Old Mutual has, in Iain Williamson, finally made what is widely regarded as the safe choice as CEO. In its remuneration report, Old Mutual said Moyo achieved five of six medium-term targets, “including approximately R750 million of recurring costs of the R1 billion target saved in 2018”. But the city is facing huge problems — from needless bureaucratic tangles to an IT nightmare. In the 15 minutes following the announcement that its CEO was suspended, almost R5 billion was wiped off Old Mutual’s value on Friday morning. Zimbabwean-born Moyo, a chartered accountant, previously was a partner at Ernst & Young. The Old Mutual Limited Executive team comprises of the CEO, CFO, COO and a number of Managing Directors. Old Mutual Wealth is is part of Quilter plc. "Normally an outsider taking a fresh look at the business would have been beneficial, but radical changes are dangerous right now. Neelash Hansjee, portfolio manager at Old Mutual Equities, says the group needs a boss who can defend its strong positions in employee benefits and the mass market, and also regain share in the middle market. Bloomberg reported that in 2016, Moyo tried to buy a stake in Vodacom for NMT, while he was chairperson of the cellphone group. He stepped down from an executive position later that year when he became Old Mutual’s CEO, but remained a non-executive director. Mike has previously served on the Boards of Old Mutual Unit Trust, Old Mutual Investment Group, Old Mutual International and the Council of the Botanical Society of South Africa. The game in SA is ready for a new start but there is one obstacle to overcome. All rights reserved. We’re an award-winning online investment platform, managing £62.5 billion of UK customer investments. Roxanne Henderson. For more, go to Business Insider SA. In London, Williamson developed his passion for cycling. NMT Capital held stakes in various companies, including Basil Read (which went bust last year), employee benefits consultants Amabubesi, Zimbabwean insurance group WFDR, oil and petroleum group Falconmere and the large American multinational DXC Technology. Having worked in the Old Mutual Group since 1979, Mike was appointed chairman of Mutual … Old Mutual Wealth is an award-winning online investment platform, managing £56.2 billion of UK customer investments. by Thabo Baloyi. Axed Old Mutual CEO Peter Moyo has launched a new offensive in his battle against SA’s second-largest insurer. Picture: FINANCIAL TIMES After almost 14 months in limbo, Old Mutual has, in Iain Williamson, finally made what is widely regarded as the safe choice as … Search Menu. Our Executive Committee. Loni Prinsloo. Peter Bruce talks to leading cricket commentator Neil Manthorp. Old Mutual's Chairperson and Independent Non-Executive Director is Trevor Manuel. Moyo received R3.8 million in pay from NMT in 2017, according to Old Mutual’s pre-listing statement. ", Williamson says he is on board with the "eight battlegrounds" strategy introduced by Moyo, some of which has already been delivered, such as the R1bn reduction in overall costs. He may have faced tough times at Old Mutual as the CEO after his dismissal in May 2019, but that did not dull his achievements one bit. This was somewhat assuaged when the company later issued another statement, revealing that the suspension was due to a fight over Moyo’s business interests. The original name The Mutual Life Assurance Society of the Cape of Good Hope was changed to The South Africa Mutual Life Assurance Society in 1885. Source: Sharenet, All JSE data is delayed by at least 15 minutes, Sasol's shock slump has wiped out billions - but it's not even among the 10 biggest one-day falls on the JSE, The property sector has been a disaster zone, but an analyst believes these companies are looking 'interesting', These are foreigners' favourite South African shares, including Clicks and Telkom, *Copyright © 2021 Business Insider Inc.All rights reserved.Registration on or use of this site constitutes acceptance of our, You can now transfer your Vitality rewards to Multiply - here's how else Momentum wants to attract clients, If you own a Huawei phone in South Africa, here is everything you need to know about the Google crisis, South Africans are trying to save money on food - by shopping less and stocking up on specials. “These business relations pre-exist the appointment of Mr Moyo as CEO of Old Mutual and were considered at the time of the appointment to be manageable. He started NMT with Sanogo Ntsaluba and Thabiso Tlelai. "The share is cheap and underestimates the group’s potential.". The Board of Directors of UAP Holdings PLC today announced that Peter Mwangi, the CEO of its Nairobi-publicly trading Group has resigned to pursue new interests, with effect from 14 th April 2020.. By One analyst told Business Insider SA that he was not perturbed to see Moyo go, as “this may be a good thing for the company in the long run”. © 2021 Arena Holdings. PROFILE: Mark Smith, director of University of ... Why foreigners are buying into Motsepe’s TymeBank, Why Eskom CEO André de Ruyter is under siege. Trevor has a BSc (Hons) and is a fellow of the Institute and Faculty of Actuaries and a Health Insurance Associate, as well as a council member of the Actuarial Society of South Africa. Williamson has been acting in the post since Peter Moyo’s sudden suspension in May 2019, and his subsequent dismissal from the top job. He also has to consider his triplets, who are in grade 5. A message from Old Mutual Interim CEO, Iain Williamson covid 19 a message from old mutual interim ceo iain williamson Let's talk Share your details and we'll get in touch as soon as possible. Tassius Chigariro, Group Chief Executive Officer; Tyrone van Wyk, CEO: OMIGNAM Discover who we … Berufserfahrung, Kontaktdaten, Portfolio und weitere Infos: Erfahr mehr – oder kontaktier Simon van den Broeke direkt bei XING. The entire executive team are now working from home because of the Covid-19 epidemic. Register (it’s quick and free) or sign in now. If Joburg succeeds, then SA succeeds. Moyo came back to the company in June 2017 to serve as Old Mutual CEO, after he had left the first time in 2005. "I was an internal analyst, valuing the company itself and the companies we planned to acquire," he tells the FM. His career path eventually saw him becoming CEO SYm|mETRY Multi-Manager, and then taking up the role of MD of Old Mutual Multi Managers in 2013. Old Mutual had suspended Moyo in May following what the group calls a "mate... Insurance, Investment and Banking Group Old Mutual has fired its CEO, Peter Moyo. It also has a larger asset manager, especially in the private equity and infrastructure space. A few good signs: Sam Matsekete, Old Mutual CEO The head of Old Mutual Zimbabwe says there are green shoots appearing in the economy after the devastation of a … Williamson says Old Mutual still has an agency force and a branch footprint substantially bigger than those of archrival Sanlam. Alexander Forbes had to pay hundreds of millions of rands after it was found guilty of secretly pocketing money owned by retirement funds. While recovering from the initial 6% fall, the share price faltered after the negative update: Get the best of our site delivered to your inbox every day. See the full leadership team at Craft. Old Mutual suspended its CEO, Peter Moyo, on Friday morning. If anything, his court case has put him out there and spiked people's interest in him. The insurer’s board, chaired by … Moyo, chairperson of the South African organisation Business Against Crime, told Reuters there was “absolutely no wrongdoing on my part”. ARCHITECTURE: The good, the bad and the unsightly. Company records also list Bulelani Ngcuka, former national director of public prosecutions, as a previous director of the company. Old Mutual's share price on Friday. They lead with honesty and integrity – putting the interests of the customer first. Axed Old Mutual CEO Peter Moyo outside the Old Mutual headquarters in Sandton, Johannesburg.