Old Mutual Group Holdings (SA) announces new board members ahead of managed separation

Old Mutual Group Holdings (SA) (“OMGH”), the South African holding company of Old Mutual Emerging Markets Limited (OMEM) and Nedbank Group Limited, today announces the appointment of additional non-executive directors to its board of directors (“Board”). Seven of these appointments are newly appointed independent Board members, who have been selected following a structured recruitment process.

The appointments have been made to augment the skills and expertise of the Board whilst ensuring continuity, as the Old Mutual Group prepares for managed separation.

The seven newly appointed independent non-executive directors are:

• Thys du Toit, the co-founder of Coronation Asset Management;
• John Lister, the former Chief Risk Officer (CRO) of Aviva PLC, the FTSE-100 insurance group;
• Sizeka Magwentshu-Rensburg, who is an experienced advisor on economic and social development matters;
• Thoko Mokgosi-Mwantembe, the former Chief Executive Officer (CEO) of both Alcatel and Hewlett Packard in South Africa;
• James Mwangi, executive director of the Dalberg Group;
• Ignatius Sehoole, former Executive President of the South African Institute of Chartered Accountants (SAICA); and
• Stewart van Graan, who is the former Managing Director of Dell South Africa and the former GM of Dell’s business in Africa.

The current OMEM Board members who will also serve on the OMGH Board are Paul Baloyi, Peter de Beyer, Albert Essien, Itumeleng Kgaboesele, Mike Ilsley, Chief Financial Officer (CFO), Nosipho Molope, Peter Moyo, CEO and Marshall Rapiya. These directors will serve alongside the existing non-executive OMGH Board members, being Trevor Manuel, Bruce Hemphill, Ingrid Johnson, Vassi Naidoo and Nombulelo (Pinky) Moholi.

Trevor Manuel, Chairman of OMGH, said the establishment of a Board with strong industry and functional experience was key in building an African financial services champion.

“I am delighted to welcome individuals of this calibre to the Board of OMGH. This is an important period in the development of the Old Mutual Group’s Emerging Markets business as we prepare for an evolving future. The combined skills and expertise of the newly constituted Board will be critical in guiding the business through this important chapter in its history.”