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OMU - Old Mutual News Story

51.66p -0.5  -0.9%

Last Trade - 3:35pm

Sector
Financials
Size
Mid Cap
Market Cap £2.39bn
Enterprise Value £2.44bn
Revenue £7.78bn
Position in Universe 244th / 1814

UPDATE 1-S.Africa's Old Mutual makes acting CEO Williamson permanent

Fri 3rd July, 2020 1:08pm
(Adds details, quote, shares)
    JOHANNESBURG, July 3 (Reuters) - South African insurer Old
Mutual  OMUJ.J  said on Friday it had appointed acting CEO Iain
Williamson to the position permanently. 
    Williamson's appointment ends over a year of uncertainty
over who will lead one of the country's biggest insurers
following the abrupt dismissal of former CEO Peter Moyo in June
2019 after a conflict of interest dispute. 
    Old Mutual said it had conducted a "comprehensive" global
search, but in the end had settled on Williamson, an actuary by
profession. 
    Chairman Trevor Manuel welcomed Williamson's appointment
after a year in which he steered the insurer through significant
leadership and operational challenges. 
    "His steady hand, strategic mind, and authentic leadership
style has been both refreshing and truly welcomed," Manuel said
in a statement. 
    The insurer's shares, which took a hit amid a lengthy court
battle that followed Moyo's dismissal, recouped some earlier
losses to stand down 1.18% at 1157 GMT. 

 (Reporting by Emma Rumney; Editing by Promit Mukherjee and Mark
Potter)
 ((Emma.Rumney@thomsonreuters.com; +27115952832;))
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