Old Mutual South Africa announces leadership changes

Khaya Ntozini

Karabo Morule

Old Mutual South Africa (OMSA) today announced the resignation of Bongani Madikiza, Managing Director of Old Mutual’s Mass Foundation Cluster (MFC), to take up a new leadership role from the beginning of next year with a subsidiary of Brimstone, one of Old Mutual’s Black Business Partners.

OMSA Chief Executive Dave Macready thanked Madikiza for this loyal service of 15 years to the Group and for the valuable contribution he has made to Old Mutual through his pioneering spirit and commitment to delivery. 

“While it is always sad to say goodbye, we respect Bongani’s decision and we’re proud to see him head up Lion of Africa, an established insurance brand in the Brimstone stable. As such, we look forward to continuous engagements with Bongani and his new team – and we are confident that his appointment will further strengthen our important partnership with Brimstone,” Macready said. 

Khaya Ntozini appointed as new leader of Mass Foundation Cluster (MFC)

OMSA also confirmed that Khaya Ntozini, who is the current Managing Director of Old Mutual’s Personal Finance segment, will take over the leadership as the new head of MFC. 

Ntozini holds a B Compt from UNISA and completed an Advanced Management Programme at Wits as well as the General Management Programme at Harvard. With over 20 years of service at Old Mutual, he has vast business experience across Old Mutual’s sales, distribution and operations functions. 

Macready said, “MFC is a very significant business segment of OMSA as well as the broader Group. It provides a substantial contribution to a wide customer-base in South Africa, serving more than 3 million customers. It is also represented by some of our most important stakeholder relationships and plays a vital role in helping Old Mutual to support the implementation of the National Development Plan. With Khaya’s deep knowledge of the mass and foundation markets and his previous contribution in making this business a dominant market player, he is ideally positioned to move MFC into a new growth phase.”

Ntozini said, “It is a very exciting new challenge. I look forward to working with the OMSA Leadership team in leveraging the competitive advantage in our Mass Foundation Cluster to the rest of Old Mutual.” 

Karabo Morule appointed as new leader of Personal Finance segment

OMSA further announced that Karabo Morule, General Manager, Corporate Customer Solutions, is appointed as the new Managing Director of Personal Finance segment to replace Ntozini. 

Morule is a qualified actuary who obtained her Business Science degree in Actuarial Science with First Class Honours. She is a Fellow with the Actuarial Society of South Africa (ASSA) and was recognized as one of 200 Young South African leaders who are shaping the country’s future (Mail & Guardian, 2014). 

She started her career as an analyst before moving to London where she gained valuable international investor experience with JP Morgan. Since joining Old Mutual in 2010 she has held several management positions, and built strong relationships with various stakeholders across Old Mutual’s business. 

“Karabo was previously Strategy and Marketing Executive in the Retail Affluent segment. In her General Manager functions with Old Mutual Corporate, she was responsible for building customers’ affinity towards Old Mutual though worksite propositions. She has also played a major role in building and driving the Retailisation initiative in Old Mutual to facilitate a functional link between our Corporate and Retail offerings,” Macready said. 

Morule said, “I feel honoured to step into this new executive role and look forward to applying my diverse background, knowledge and experience that I have gained in my career. I am excited to work with a strong and experienced executive team and positioning this segment as a dominant player in the middle market.” 

Macready concluded, “We are excited to be able to appoint a young dynamic achiever into a key executive position to help drive our bold vision for the future.  As a top employer in South Africa, we are very proud of our strong internal talent pool. I am confident that both Khaya and Karabo have the passion, focus and energy we need to achieve the ambitious goals we have set for 2016 and beyond. We wish them both every success with their exciting new appointments and in taking on new challenges from 1 January next year.”