Old Mutual announces leadership transition at OM Bank
Old Mutual Group is pleased to announce the proposed appointment of Clarence Nethengwe as CEO-designate of Old Mutual Bank, effective 1 November, subject to regulatory approval.
Clarence, a long-standing executive of Old Mutual, is suitably qualified to lead the bank as it prepares to go live. He has been a passionate advocate of the Group’s Integrated Financial Services (IFS) strategy and recognised early on the pivotal role banking would play as a growth opportunity for Old Mutual. He was instrumental in developing the initial business case and appointing the first key executives for the Bank. The Bank is a crucial part of Old Mutual’s IFS strategy and Clarence is well-positioned, as the MD of Mass & Foundation, to ensure seamless alignment across the group as we prepare to launch. Consequently, the leadership of Retail Mass will soon be transitioned to a new leader, allowing Clarence to focus on his broader responsibilities.
Simultaneously, Old Mutual Group today announces the resignations of Rolf Eichweber, CEO of OM Bank-Build, and Royden Volans, COO of OM Bank-build, effective 31 July 2024. Both Rolf and Royden will remain in their positions until 31 October 2024 to ensure a smooth leadership transition.
"The transition from a 'bank-build' phase to a 'bank run' phase marks an exciting new chapter in our journey. While we greatly value the immense contributions of Rolf and Royden, we are confident that we have the right skills and leadership in place to take the bank forward and ensure its success," says Iain Williamson, CEO of Old Mutual Group.
Clarence brings significant experience, having been with Old Mutual for over 15 years. His experience includes overseeing Old Mutual Finance, Old Mutual’s unsecured lending business with a book of R16billion. It also houses their transactional banking capability with over 1 million customers. In addition, Clarence also oversees the housing Home Loan book of over R5 billion in Housing Investment Partners, a subsidiary of Old Mutual. He is ideally positioned to foster collaboration and synergies between Old Mutual branches, the MFC business, and the broader Old Mutual Group.
Clarence has a solid understanding of retail credit and the associated business processes and challenges. He has experience in overseeing the launch and build-out of the Old Mutual money account value proposition and chairs the Board of Old Mutual Transaction Services, which houses this value proposition.
A key focus over the next period is ensuring the OM Bank executive committee has a complement of core skills. As its next growth phase takes off, the bank will ramp up more hires.
"Old Mutual remains committed to the continued success of Old Mutual Bank and will continue to invest in both capital and talent to build on the strong foundation laid by Rolf and Royden. On behalf of Old Mutual, we extend our gratitude to Rolf and Royden for their leadership, vision, and dedication to the bank build. Their efforts have laid the groundwork for what will be a dynamic and successful bank, and their contributions will be felt long after their departure,” concludes Williamson.
